Christopher Kent: Australia's economic transition - state by state Address by Mr Christopher Kent, Assistant Governor (Economic) of the Reserve Bank of Australia, at the Australian Business Economists Conference Dinner, Sydney, 22 November 2016. * * * I thank Sean Langcake and Merylin Coombs for invaluable assistance in preparing these remarks.
More concretely, first, the Bank changed its main operating target for money market operations from the uncollateralized overnight call rate to the monetary base. On top of this, it will double the monetary base in two years. Second, the Bank will purchase Japanese government bonds (JGBs) so that their amount outstanding will increase at an annual pace of about 50 trillion yen.