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March 19, 2020 15: 49:00
The Reserve Bank has cut interest rates to a record low 0.25 per cent and announced a money-printing program for the very first time in its history to help prevent a coronavirus-driven economic downturn.
The RBA will purchase Australian government bonds as part of its first-ever quantitative relieving program, and offer a three-year funding center to supply low-cost loans for Australian banks.
Australia’s economy continues to rapidly weaken, and stressed financiers have actually cleaned billions of dollars of value of the regional stock market.
In turning to quantitative easing, the reserve bank is using a lever that it had not used even during