The Reserve Bank of Australia maintained the cash rate target at 0.25% after its monetary policy meeting on May 5.

The central bank also kept its yield curve control objective at 0.25% on three-year government bond yields.

In the policy statement, governor Philip Lowe stresses: “The Australian economy is going through a very difficult period and there is considerable uncertainty about the outlook.”

Against this background, the board is considering a range of possible scenarios resulting from

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