RBA: Will do what is necessary to achieve yields target on 3-year bonds at 0.25%.

Following are the key headlines from the April RBA monetary policy statement (via Reuters):

Will do what is necessary to achieve yields target on 3-year bonds at 0.25%.

Coordinated monetary and fiscal response will soften expected economic contraction.

Once the virus is contained, a recovery in the global economy is expected.

A very large economic contraction is, however, expected to be recorded in Q2.

Unemployment rate is expected to increase to its highest level for many years.

If conditions continue to improve, it is likely that smaller and less frequent bond purchases will be required.

Operations at longer terms will continue, but the frequency of these operations will be adjusted as necessary according to market conditions.