The Reserve Bank is also buying 100 billion Australian (US$70 billion) of government bonds of maturities of around five-to-10 years over the next six months. The move was the first since March when the Reserve Bank of Australia board made two cuts of a quarter of a percentage point each two weeks apart. The Reserve Bank also announced it would buy 100 billion Australian (US$70 billion) of government bonds of maturities of around five-to-10 years over the next six months. “With Australia facing a period of high unemployment, the Reserve Bank is committed to doing what it can to support the creation of jobs,” Lowe said. “But it will be a long, hard and bumpy road for the Australian economy and, indeed, for the global economy.”-AP

Source: The Standard November 03, 2020 06:22 UTC