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Interest Rates: Reserve Bank Maintains Monetary Policy Settings

Jul 06, 2021

At its latest meeting, the Reserve Bank of Australia board has maintained existing monetary policy settings.

Meeting, as usual, on the first Tuesday of the month, the Board decided to:

  • retain the April 2024 bond as the bond for the yield target and retain the target of 10 basis points
  • continue purchasing government bonds after the completion of the current bond purchase program in early September. These purchases will be at the rate of $4 billion a week until at least mid November
  • maintain the cash rate target at 10 basis points and the interest rate on Exchange Settlement balances of zero per cent.

The media release from Governor Philip Lowe is shown below.


Filed Under: Reserve Bank Tagged With: ,

Morrison National Cabinet Meeting Briefing: Bringing Australians Home

Sep 18, 2020

This is Prime Minister Scott Morrison’s press conference following today’s meeting of the National Cabinet.

As with previous National Cabinet meetings, the States and Territories have reserved the right to detemine their own timetables for allowing more overseas Australians to return home.

A statement issued by Morrison is obliquely critical of the Victorian government: “Seven of Australia’s eight states and territories are successfully suppressing COVID-19, enabling most Australians in those jurisdictions to live and work in a COVID-safe economy.”

Watch Morrison’s press conference (30m – transcript below):

Listen to Morrison (30m):

Statement issued by Prime Minister Scott Morrison on National Cabinet decisions.

The National Cabinet met today to discuss Australia’s COVID-19 response, recent progress following the Victorian outbreak, easing restrictions (including international border measures), helping Australians prepare to go back to work in a COVID-safe environment and getting the economy moving again.

National Cabinet continues to work together to address issues and find solutions to the health and economic consequences of COVID-19. Australia has done well on both the health and economic fronts compared to most countries around the world. [Read more…]

Filed Under: Audio, Coronavirus, Federalism, Morrison, Video Tagged With:

Morrison and Hunt Announce Vaccine Deal; Andrews Attacked; Call For Improvements to Victorian Tracing and Testing

Sep 07, 2020

Prime Minister Scott Morrison and Health Minister Greg Hunt today announced a $1.7 billion agreement for the supply and production of more than 80 million vaccine doses.

“Australia needs some hope today,” Morrison said when announcing the agreement at a Canberra press conference.

Morrison described as “crushing news” yesterday’s announcement in Victoria of an extension to the Stage 4 lockdown and curfew. “The plan that was outlined yesterday, I hope, is a worst-case scenario,” he said. “The mental health of Victorians will be sorely tested.”

Morrison’s escalating attacks on the Victorian government, aided by his Victorian-based treasurer, Josh Frydenberg, highlight the powers of the states in management of the coronavirus and the tensions in the federal compact.

Morrison and Hunt called for improvement to Victoria’s testing and tracing procedures.

Watch Morrison’s press conference (45m):

Listen to the the press conference (45m):

Transcript of press conference with Prime Minister Scott Morrison, Health Minister Greg Hunt and Health Department Secretary Brendan Murphy.

PRIME MINISTER SCOTT MORRISON: Good morning, everyone. We’re about to be joined also by the Minister for Health, who was under different travel restrictions in order to be here today which, as usual, were approved by the relevant authorities here. I’m also joined by Professor Murphy, who you all know well. He’s here today not just in his capacity as the Secretary of the Department of Health, but he is also here as the Chair of the expert panel that has been advising the Australian government on vaccines, which is the principal reason for me being here this morning. [Read more…]

Filed Under: Audio, Coronavirus, Morrison, VIC, Video Tagged With: ,

Morrison Government Says Victorian COVID-19 Measures Are Hard And Crushing News

Sep 07, 2020

The Prime Minister, Scott Morrison, and senior ministers Josh Frydenberg and Greg Hunt have criticised COVID-19 measures announced today by the Victorian government as “hard and crushing news”.

Whilst generally supportive of measures to rid Victoria of the virus, the three ministers said that “the proposed roadmap will come at a further economic cost.”

In a statement, they say: “Now that we have been advised of the plan and it has been released we will also seek feedback from Victorian business and industry stakeholders to understand their concerns and seek to ensure they are addressed.” They said Victoria’s contact tracing system has to be “strengthened to the highest possible levels”. [Read more…]

Filed Under: Coronavirus, Morrison, VIC Tagged With: ,
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