So it is highly likely that the cash rate will be at this level for some years and having a target for three-year yields of 25 basis points reinforces this message. So that is our rationale. We have not ruled out a separate bond buying program, or other adjustments to the mid-March package.
But for the time being, the Board’s view is that the best course of action is to continue with the current package. The Board recognises that in the unique circumstances in which the country finds itself, the solutions to the challenges we face lie in areas other than monetary policy.