The Reserve Bank of Australia conducts monetary policy, works to maintain a strong financial system and issues the nation's banknotes. "Some economists have called on the RBA to do more to save the economy.Coronavirus looks set to cause deep global economic disruption, and those companies that have binged on cheap debt are the ones least likely to survive the crisis, writes Ian Verrender.Dr Lowe said he would not speculate on other measures, but "nothing's off the table". The Reserve Bank commenced operations as Australia's central bank on 14 January 1960. At its regular monthly meeting on Tuesday, the Reserve Bank of Australia held official interest rates at 0.25%, where it has been since mid-March. "We feel like at the moment we've done enough. "He said the Australian dollar had been the great shock absorber for the economy. Learn more about the RBA "How much we need to purchase, and when we need to enter the market, will depend upon market conditions and prices," he said. This is similar to an initiative announced by the Bank of England last week.It came as the Morrison Government announced an investment of up to $15 billion to enable smaller lenders to continue supporting Australian consumers and small businesses.Treasurer Josh Frydenberg said it would "enable customers of smaller lenders to continue to access affordable credit" and would complement the RBA's $90 billion term funding facility.Mr Frydenberg said the Government's debt agency, the Australian Office of Financial Management, would provide the $15 billion through wholesale funding markets used by small banks and non-bank lenders.Enabling legislation would be introduced into Parliament next week.The RBA is moving in the footsteps of other world central banks, including the US Federal Reserve, in buying up government bonds and encouraging consumer spending by printing more money and pumping it into the economy.Dr Lowe said the scale of job losses would depend on the ability of businesses to keep workers on.The coronavirus outbreak is expected to cost the Australian economy billions, with the second-order impact to be felt across supply chains, as many factories remain closed in China. 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The Reserve Bank has cut interest rates to a record low 0.25 per cent and announced extraordinary measures to help prevent a coronavirus-driven recession.The RBA will buy Australian government bonds as part of its first-ever quantitative easing program, and provide a three-year funding facility to provide cheap loans for Australian banks.Australia's economy continues to rapidly deteriorate, and panicked investors have wiped billions of dollars of value off the local stock market.In turning to quantitative easing, the central bank is using a lever that it has not used even during some of the worst catastrophes in recent history, including the global financial crisis and the 9/11 terrorist attacks.The currency has lost 20 per cent so far this year.Reserve Bank governor Philip Lowe said the bank would hold the cash rate at 0.25 per cent "until progress is being made towards full employment and it is confident that inflation will be sustainably within the 2-3 per cent target band".Dr Lowe said the cash rate could be at this level for some years as it was expecting significant job losses.The latest rate cut was "a substantial easing of monetary policy" and brought the cash rate in line with a number of other countries as a result of actions by the US Federal Reserve, the Bank of England and the Reserve Bank of New Zealand. Barossa locals slam 'abstract' $50m luxury hotel proposal, taking council to courtNurses called public health hotline for advice during Tasmania's NW coronavirus outbreakVictoria records third consecutive day of fewer than 100 casesStarting a new job is hard. "We recognise that this is a very concerning time for our customers and the community," he said. The RBA would not, for the time being, intervene in the foreign exchange market, but would be prepared to if the situation worsened.In the meantime, there was very close policy coordination between the Australian Government, the Australian Treasury, the Reserve Bank and Australia's financial regulators.APRA and ASIC both stand ready to assist institutions to work through regulatory issues arising from the virus, he said.The Council of Financial Regulators was meeting again on Friday, and would also meet with the largest lenders to discuss how they could support their customers.Dr Lowe said for now the RBA would not be purchasing bonds directly from the Government, but operating in the secondary market.The RBA was not seeking to have the three-year yield identically at 25 basis points each and every day.

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