The Reserve Bank's policy response has also resulted in large changes in its balance sheet, and I have sought to provide a guide to them. The size of the balance sheet can be affected by a number of factors in addition to the Bank's policy actions and as such, is not the best way to assess the stance of policy.
rba4-local.rba.gov.au/speeches/2020/sp-dg-2020-06-30.html  16/18  30/06/2020  The Reserve Bank's Policy Actions and Balance Sheet | Speeches | RBA  Recent data indicate that the outcomes in the Australian economy have been better than earlier feared. But we should not lose sight of the fact that the decline in the economy and the impact on households and businesses is historically large.