Given this assessment, the Board continues to view a negative policy rate in Australia as extraordinarily unlikely. But monetary policy is now about more than just short-term interest rates – we have returned to a world in which quantities matter too. In this world, it is certainly possible for us to increase the size of our bond purchases.
Given this, we will continue to closely monitor the economic situation and the impact of our purchases on market functioning. If we need to do more, we can and we will. The RBA also has a range of tools to support the proper functioning of markets and address market dysfunction were that to occur.