Comments by RBA governor, Philip Lowe:

• Expects cash rate to remain at current level for some years, but not forever

• RBA doing all it can to lower funding costs, support supply of credit to businesses

• RBA will not be buying bonds directly from the government

• May take some time for yields to fall from current level to 25 bps

• Expects yield target to be removed before raising the cash rate

• Expects a recovery once the virus is contained

• Also expecting significant job losses as the virus fallout hits

• Will maintain current setting of rates until a strong recovery is in place

• Nothing is off the table with policy

• Expects bond yields across term structure to decline

• Will do whatever is necessary to make sure credit is available

• Says that we've done all we can do with the cash rate

• The focus now is on taking other measures to support lending