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RBA Statement on Monetary Policy: August 2021
6 August 2021
The bond purchase program will be extended, with the pace of purchases to be $4 billion per week from early September.
The Bank has purchased $179 billion of longer term bonds since November 2020 under thebond purchase program, consisting of $142 billion of Australian Government Securities (AGS) and $37 billion of semi-government securities (semis).
It now holds 28 per cent of outstanding AGS and 14 per cent of outstanding semis. These shares are projected to increase to a little more than 30 per cent and a little more than 15 per cent respectively by mid November.
Reflecting stronger-than-expected revenues, funding requirements for governments in the current financial year were generally revised lower than previous projections. Meanwhile, cash positions remain elevated.
Deposit rates have edged a little lower in recent months, after declining sharply over 2020.
Banks’ non-equity funding costs declined a little further in recent months as banks drew down much of the remaining TFF allowances.
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