The Reserve Bank will now purchase more assets to help lower interest rates. The Official Cash Rate remains at 0.25 percent.
The Monetary Policy Committee uses a range of instruments to influence the economy. The OCR and asset purchases affect interest rates in the economy, including bank lending rates and term deposit rates. Interest rates can be reduced by lowering the OCR or increasing the amount of asset purchases. The seven members of the Monetary Policy Committee set the level of these instruments to support full employment and keep inflation stable.
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