The government says its will buy A$15bn of residential mortgage-backed securities and other asset-backed securities over the next 12 months
The moves also helped lift the Australian dollar after it briefly collapsed to $0.5510, the lowest since late 2002. It was last down 0.16% at $0.5758.
The US Federal Reserve on Sunday slashed key rates by 100 basis points, boosted asset purchases and flushed the system with liquidity. A number of other major central banks have followed suit. It was also able to emerge from the 2008-2009 global financial crisis relatively unscathed, allowing its central bank to spurn unorthodox monetary policies adopted by many of its developed world peers during that period.
Australia has recorded about 600 coronavirus infections and six deaths and officials are growing anxious about the prospect of an exponential rise in cases.
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