In particular, the Board: reduced the cash rate target to 0.25 per cent, and provided forward guidance indicating that the cash rate would not be increased until the Board was confident of meeting its  employment and inflation objectives set a target for the three-year Australian Government bond yield of around 0.25 per cent, to be achieved by purchasing government bonds in the secondary market.
Purchases would also be conducted as required to address dislocation affecting government bond markets introduced the Term Funding Facility (TFF), providing three-year secured funding to banks at 0.25 per cent and announced that the Bank would continue to provide liquidity to Australian financial markets by conducting repo operations at terms of up to six months in its daily market operations.