The main explanation has been the large accumulation of Australian public sector debt by foreigners, including by central banks and other public sector asset managers. Central banks increased their allocation to Australia in their foreign reserves portfolios in the aftermath of the global financial crisis.
But we also know what it means and this is certainly something we would prefer not to be forced to do. We hope that the recent package will be enough. But in view of our responsibility and our mandate, buying government bonds certainly is something we cannot exclude. But this would lead to even more dissent within the Governing Council.