Australia's long record of economic and financial stability is a positive from this perspective. So, too, are our strong legal system and our well-established institutions. To this list I could add the opportunities offered by our links to the fastest-growing part of the global economy and our skilled, diverse and flexible workforce. All these things make Australia an attractive place to invest.
But as the economic outlook improved, less QE stimulus was needed. In October 2020 we began reducing the pace of purchases, and in October 2021 we ended QE and entered the reinvestment phase. For the past four months we’ve kept the size of our holdings of Government of Canada bonds stable, purchasing only enough bonds to replace those that are maturing.