3/5  BIS central bankers' speeches  I want to make it clear that monetary financing of the budget is not on the agenda in Australia. The separation of monetary policy and fiscal financing is part of Australia’s strong institutional framework and has served the country well.
The Australian Government and the states and territories have ready access to the capital markets and they can borrow at historically low rates of interest. At a more practical level, I would like to mention a couple of other areas where the RBA has been providing assistance with Australia’s COVID-19 response. The first is as transactional banker for the Australian Government.