It should be a relative non-event
The RBA has already moved to cut rates to the lower-bound of 0.25% and introduce QE, so their ammunition locker is relatively exhausted at this point.
Right now, Lowe & co's focus should be on trying to get the government to pull through on their initiatives to see monetary policy and fiscal measures work in tandem.
They will then have to reassess the economic situation and weigh up virus developments in the coming weeks/months before deciding to act once again. Or at least that is the base case scenario that everyone is expecting heading into the meeting today.
As for their QE venture, I've mentioned before that the RBA is doing this in a more yield curve control kind of way - to set guidance for managing market and pricing expectations, rather than to flood the market with liquidity.
So, if the RBA really wants to take a step further down the unconventional path, then perhaps they may look into that and deliver something similar to the RBNZ.
Otherwise, the language in the statement will be the only thing to scrutinise today.
