Westpac were previously looking for an extra 50bn, have increased that now to 100bn

RBA to extend the program in October of this year

  • would extend the QE facility out to around October 2022.

Westpac adds:

  • It is unlikely that the FED will have made sufficient progress towards its goals by October this year to warrant scaling back its asset purchases.
  • Were the RBA to taper it will expose the AUD and signal to the market that it has begun tightening.

Added - AUS 10yr bonds have caught a bit of a bid

AUD/USD adding on a few points regardless (NZD up also .... GBP too ... so its not an AUD move):