Australia's central bank was worried about the potential for a 'very material contraction' in economic activity when it decided to foray into quantitative easing in an out-of-cycle meeting last month, minutes released on Wednesday showed.
SYDNEY - Australia’s central bank was worried about the potential for a “very material contraction” in economic activity when it decided to foray into quantitative easing in an out-of-cycle meeting last month, minutes released on Wednesday showed.
The Reserve Bank of Australia held an ad-hoc meeting on March 18 when it reduced its cash rate to a record low 0.25% and embarked on a bond buying program to try and shield the economy from the devastation caused by the coronavirus pandemic. The number of coronavirus cases in Australia now exceeds 4,500 with 20 deaths. Authorities, worried about the spread of infection within the community, have rolled out increasingly restrictive measures to combat the virus.
“The size of the fall in economic activity would depend on the extent of the social distancing requirements, and potential lockdowns, put in place to contain the virus,” minutes showed.
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