We have made no decisions yet, other than to rule out the first option – the cessation of bond purchases in September. The RBA's bond purchase program is one of the factors underpinning the accommodative conditions necessary for our economic recovery. It is premature to be considering ceasing bond purchases.
The transfers of goods, services, and technology, and the existence of supply chains across national borders, have brought enormous benefits in terms of growth and efficiency. As well, financial markets have become vastly larger and deeper—in economists' words, more complete. Private capital flows are now dominant, dwarfing the size of official flows.