Bloomberg reports that according to Goldman Sachs Group Inc. and JPMorgan Chase & Co. the Reserve Bank of Australia may buy up to A$100 billion of bonds in a renewed effort to revive the nation’s coronavirus-battered economy, 

A new “quantity-based” easing program is likely after RBA Governor Philip Lowe said Thursday that the nation’s 10-year yields were higher than “almost everywhere in the world, according to JPMorgan. Goldman sees an 80% chance for an easing package at the central bank’s Nov. 3 meeting.

“The Governor’s speech deemphasized short-end rates, with the focus clearly on QE and how lower longer-dated bond yields would affect the economic recovery,” Tom Kennedy, senior economist at JPMorgan in Sydney, wrote in a note.

JPMorgan said it now expects the RBA to buy A$75 billion to A$100 billion of sovereign and state bonds over a year, implying weekly average purchases of between A$1.4 billion to A$2 billion.