2/4  BIS central bankers' speeches  Monetary policy I would now like to turn to Australian monetary policy, where there have been a number of significant developments since we last met, including the discontinuation of the yield target, the cessation of the bond purchase program and a change in the outlook for interest rates.
The yield target for the April 2024 bond was discontinued in early November. Up until that point the target had played an important role in anchoring the yield curve and keeping funding and borrowing costs low in Australia. In early October, the yield on the target bond was sitting at close to zero per cent.