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"He said the Australian dollar had been the great shock absorber for the economy. Here's what that means for youThe Australians who are sick of hearing 'you should have come home earlier'Three months on, does Australia need a new coronavirus contact tracing app?COVID recession confirmed as Australia's economy posts its biggest fall on record'I hope she returns my call': NSW Premier rebukes Qld Premier over border silenceLive: Cormann distances Government from Abbott's coronavirus commentsThe Catholic school system that takes from the poor to give to the richNSW Premier targets major events as state records 17 new COVID-19 casesVictoria records 90 new coronavirus cases and six deaths, state of disaster extendedAnalysis: Facebook and Google are fighting for control of their 'special sauce' and they may take the nuclear optionBehind the closed doors of Victoria's lockdown, mental health workers are seeing devastating impactsAnalysis: As Trump toured burnt-out businesses in Kenosha, he reinforced his law and order message'Everyone is just gutted': Fire rips through NSW border town's only supermarketEdward saw a photo of a driver's licence in a data breach story. JavaScript is currently disabled. This website is best viewed with JavaScript enabled, interactive content that requires JavaScript will not be available. 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. "It may also take some time for yields to fall from their current level to 25 basis points. The RBA's move was widely tipped by the market, with 96 per cent of economists surveyed by Bloomberg predicting a rate cut and more than 80 per … A media release is issued at 2.30 pm after each Reserve Bank Board meeting, with any change in the cash rate target taking effect the following day. "As our country manages this difficult situation, it is important that we do not lose sight of the fact that we will come through this. "Recent events have obviously changed the situation. He quickly recognised the kitchen benchAustralian grain sellers say reputation on the line in China export spat'I hope she returns my call': NSW Premier rebukes Qld Premier over border silenceUS pilots report seeing jetpack flyer more than 900 metres high near airportFacebook and Google are fighting for control of their 'special sauce' and they may take the nuclear optionOnce just a 'mining dustbowl', this country town is now too expensive for the localsCOVID recession confirmed as Australia's economy posts its biggest fall on record "We are clearly living in extraordinary and challenging times," he said. "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. (Prior to December 2007, media releases were issued only when the cash rate target was changed.)