Labor supports the Reserve Bank’s ongoing action and extraordinary steps to support the economy and the financial system at this challenging time.

Following five interest rate cuts in 10 months, the RBA is committed to maintaining the cash rate at 0.25 per cent until progress is made towards full employment and its inflation target.

Already the RBA has bought around $36 billion of government bonds in secondary markets since it introduced the target for the yield on 3-year Australian government bonds of 0.25 per cent.

We appreciate the ongoing engagement with the Reserve Bank and the financial sector, as well as their coordinated approach to supporting economic activity, liquidity and the functioning of markets during this challenging time.

These extraordinary economic challenges require extraordinary economic responses, and every decision maker in the economy has a role to play.

Labor will continue to play a responsible and constructive role in any efforts to protect jobs, help Australian workers, businesses, families and communities through this difficult time, and ensure vulnerable Australians are supported.