The timing of this decision coincided with the approach of the deadline for final drawings under the initial allocations under this facility. As ADIs draw on the expanded facility there will be a further significant expansion of our balance sheet. This expanded facility should be seen as a further easing of monetary policy, although in a different way than in the past.
At its most recent meeting, the Board continued to consider the case for additional monetary easing to support jobs and the overall economy. As part of this discussion we also considered the nature of our forward guidance regarding the cash rate. Before turning to the broader policy question, I would like to discuss how the Board's thinking on forward guidance has evolved.