https://www.rba.gov.au/speeches/2019/sp-gov-2019-07-25.html  11/14  7/25/2019  Inflation Targeting and Economic Welfare | Speeches | RBA  As you know, in the end the Board did not adjust interest rates through this period.
In a first phase, which lasted from early 2008 to early 2009, the balance sheet was mainly driven by new lending programs designed to support banks that had difficulties accessing refinancing markets.