SYDNEY:Australia's central bank kept rates at record lows on Tuesday and said it would do "whatever is necessary" to achieve its target of 0.25% for three-year government bond yields as it predicted a "very large" economic contraction next quarter.
The Reserve Bank of Australia (RBA) on March 19 announced an out-of-cycle rate cut to 0.25% together with an unprecedented stimulus package, which included an unlimited bond buying programme.
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