But I recognise that does depend on your assessment of the counterfactual: that is, where would yields (and the exchange rate) have been if the bond purchases hadn't occurred. Yields will move as the Australian and global economies evolve. Earlier this year, there was a rise in bond yields both globally and in Australia.
•  And if you consider productivity as being the efficiency with which financial services are provided it is not evident how this can be separated from improvements for example in infrastructure or ICT.