RBA left monetary policy unchanged as widely expected. Cash rate and 3-year Australian Government bond yield target are held at 0.25%. The parameters for the expanded Term Funding Facility is also kept unchanged.
Nevertheless, in the statement, RBA emphasized that “addressing the high rate of unemployment as an important national priority.” It reiterated the pledge to “maintain highly accommodative policy settings as long as required. Also, it “will not increase the cash rate target until progress is being made” on employment and inflation.
Additionally, “the Board continues to consider how additional monetary easing could support jobs as the economy opens up further.”
