Reserve Bank kickstarts economic recovery

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Paul Osborne
(Australian Associated Press)

 

WHAT THE RESERVE BANK IS DOING

* Cut in the cash rate target to 0.1 per cent

* Reduction in the target for the yield on the three-year Australian government bond to about 0.1 per cent

* Reduction in the interest rate on new drawings under the Term Funding Facility to 0.1 per cent

* Reduction in the interest rate on Exchange Settlement balances to zero

* Purchase of $100 billion of government bonds of maturities of around five to 10 years over the next six months

(Source: RBA)

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