On bond purchases, "globally, financial.........>

RBA: On bond purchases, "globally, financial markets are working more

effectively than they were a month ago, although conditions have not completely

normalised. This improvement reflects both the decline in infection rates and

the substantial measures undertaken by central banks and fiscal authorities.

Credit markets have progressively opened to more firms and long-term bond rates

remain at historically low levels. In Australia, the functioning of the

government bond markets has improved and the yield on 3-year Australian

Government Securities (AGS) is at the target of around 25 basis points. Given

these developments, the Bank has scaled back the size and frequency of bond

purchases, which to date have totalled around $50 billion. The Bank is prepared

to scale-up these purchases again and will do whatever is necessary to ensure

bond markets remain functional and to achieve the yield target for 3-year AGS.

The target will remain in place until progress is being made towards the goals

for full employment and inflation."