Lowe once again pushing back against the idea...>

RBA: Lowe once again pushing back against the idea of -ve rates and FX

intervention, effectively ruling such moves out, without a meaningful change in

the global economic backdrop.

- Lowe references a paragraph in the text of his speech which notes that "using

international experience as a guide, it would have been possible to configure

the existing elements of the RBA package differently. For example, the various

interest rates currently at 25 basis points could have been set lower, at say 10

basis points. It would also have been possible to introduce a program of

government bond purchases beyond that required to achieve the 3-year yield

target. Different parameters could have also been chosen for the Term Funding

Facility. After discussing these possibilities, the Board concluded that that

there was no need to adjust our package of measures in the current environment.

The Board has, however, not ruled out future changes to the configuration of

this package if developments in Australia and overseas warrant doing so."