From the May meeting minutes: "The amount and...>

RBA: From the May meeting minutes: "The amount and maturity of the Bank's daily

open market operations had also been scaled back over the prior month in

response to improving market conditions and reduced demand for liquidity from

the Bank's counterparties. This reflected the ample liquidity already in the

banking system, including as a result of other elements of the Bank's policy

package. Members noted that, in response to the large amount of liquidity in the

banking system, Exchange Settlement balances held by banks were high, reducing

banks' need to borrow from each other in the overnight market. Consequently, the

cash rate had drifted a little lower, to be around 14 basis points, where market

participants expected it to remain for some time."