Announcement is here:

• RBNZ leaves cash rate on hold at 0.25%, expands QE program

Minutes, main points (via Reuters)

• members agreed that an expansion to the LSAP programme is the most effective way to deliver further stimulus at this time

(LSAP is the QE program)

• adding inflation-indexed government bonds (IIBS) to the LSAP
• committee noted that a negative official cash rate (OCR) will become an option in future
• at present financial institutions are not yet operationally ready for negative OCR
• noted that discussions with financial institutions about preparing for a negative OCR are ongoing
• committee reaffirmed its forward guidance that the OCR will remain at 0.25 percent until early 2021
• tools available include further reductions in the OCR; a term lending facility; and adding other asset classes, such as foreign assets, to the LSAP programme
• banking system is sound and markets are functioning satisfactorily
• committee agreed that risks are to the downside of baseline scenario
• agreed that a 'least regrets' monetary policy approach is needed, delivering