RBA Governor Lowe notes that "to date, the......>

RBA: RBA Governor Lowe notes that "to date, the Reserve Bank has bought around

$47 billion of government bonds. We have bought bonds along the yield curve and

bonds issued by the Australian government and by the states and territories. We

have done this through daily auctions in the secondary market. The initial daily

purchases were quite large - $4 and $5 billion a day. In those first days we

were keen to underline our commitment to the target and we were also seeking to

relieve some of the very severe dislocation in the government bond market at the

time. As conditions in the market have improved and the 3-year yield has settled

around 25 basis points, we have scaled back our daily bond purchases - over

recent days, the purchases have averaged around $750 million. We will scale up

these purchases again if needed and we will buy bonds in whatever quantity is

required to achieve our goals."