Altogether, the TFF has made available more than $ billion of low-cost funding, to support the provision of credit to the economy and thus the broader recovery. Then in November of last year, the Board decided on a further package of measures. It reduced the cash rate, the yield target and the cost of the TFF to 0.1 per cent.
But even the underlying measures, which remove or down-weight such effects, at around 2 per cent, are low. Price rises for non-tradeable items  BIS central bankers’ speeches  1  are at their lowest for many years, and this reflects, among other things, the modest growth of labour costs.