But I https://www.rba.gov.au/speeches/2021/sp-dg-2021-05-06.html  7/26  5/6/2021  Monetary Policy During COVID | Speeches | RBA  would highlight that it is the state of the economy that is the key determinant of policy settings, not the calendar.
Bond purchases Turning to government bond purchases, they have been comprised of three elements (Graph 4): purchases to maintain the 3-year yield target since November 2020, the bond purchase program purchases to address market dysfunction.