RBA Deputy Governor Guy Debelle said “recent data indicate that the outcomes in the Australian economy have been better than earlier feared.” But he also urged not to “lose sight of the fact that the decline in the economy and the impact on households and businesses is historically large”. Fiscal and monetary support that has been provided was, and remains, “warranted.”
The “considerable uncertainty” ahead and it’s “still quite likely” that the economic decline will have a “long-lived impact”. RBA will “maintain the current policies to keep borrowing costs low and credit available, and stands ready to do more as the circumstances warrant.”
Debelle also explained in the speech the details of RBA’s policy responses and the effectiveness.