The Reserve Bank has left interest rates unchanged at a record low 0.1 per cent, maintaining its commitment to supporting the economy through unprecedented stimulus.
Interest rates have been at 0.1 per cent since the Reserve Bank last cut in November, when it also embarked on a form of quantitative easing by committing to buy $100 billion of Australian federal and state government bonds.
The bank doubled that bond-buying program in February by extending it for a further 20 weeks. The initial purchases were due to end in mid-April.
Central banks have, in the past few weeks in particular, been confronted by a surge in bond sales, which has pushed up the interest rates on government debt.
This risks pushing up interest rates across the economy more broadly, even as central banks try and hold them lower.
-more to come