If the Board were to maintain the April 2024 bond as the target bond, rather than move to the next bond, the maturity of the target would gradually decline over time until the bond finally matures in April 2024.
4 May 2021 Statement by RBA Governor: Monetary Policy Decision  The Board confirmed that the final date for drawings under the Term Funding Facility is 30 June 2021. Endnotes [*]  Thanks to Ellis Connolly and Penny Smith for their assistance. [1]  Shann, EOG (1933), Quotas or Stable Money? Three Essays on the Ottawa and London Conferences, 1932–1933, Angus and Robertson, Sydney.