RBA: Decision to extend the bond purchases reflects delay in recovery, uncertainty of Delta outbreak

Following are the key headlines from the September RBA monetary policy statement, via Reuters, as presented by Governor Phillip Low.

Committed to maintaining highly supportive monetary conditions

Purchase government securities at the rate of $4 billion a week and to continue the purchases at this rate until at least mid February 2022.

Recovery in the Australian economy has, however, been interrupted by the delta outbreak

GDP is expected to decline materially in the September quarter and the unemployment rate will move higher over coming months

This setback to the economic expansion is expected to be only temporary.

Decision to extend the bond purchases at $4 billion a week until at least February reflects the delay in recovery and uncertainty of delta outbreak

Delta outbreak is expected to delay, but not derail, the recovery

Bond buying will be reviewed in light of economic and health conditions, and implications for full employment and inflation goal