Reserve Bank Purchases of Government Securities

Starting Friday 20 March 2020, the Reserve Bank is prepared to purchase Australian Government securities (AGS) and securities issued by the state and territory central borrowing authorities (semis) in the secondary market consistent with the objectives as set out in the Governor's Statement of 19 March 2020.

The Bank will undertake multi-price auctions for government securities. The size and composition of purchases will be determined subject to market conditions and will vary across auctions.


The Reserve Bank will announce its intentions for government securities purchases at 11.15 am (AEST/AEDT) on the day of purchase via Yieldbroker DEBTS. The announcement will indicate the total face value (AUD) and specific securities the Reserve Bank is willing to purchase, the time within which offers are to be submitted (from 3.25 pm to 3.30 pm AEST/AEDT) and the settlement date (T+2).

A less detailed notification of the operation will also be provided via the market data services (Reuters – RBA27; Bloomberg – RBAO8) at the same time.

Eligible Counterparties

All RITS members deemed eligible to participate in the Reserve Bank's domestic market operations may participate in the AGS auctions (see Eligible Counterparties).


Offers are to be made over Yieldbroker DEBTS.

Offers are to be made in absolute yields in quarter basis point increments, with a minimum offer of $5 million face value and increments of $1 million.

Participants who encounter difficulties in submitting their offers over that system should directly contact Yieldbroker DEBTS and also inform the Reserve Bank's Domestic Markets Desk by email.

Offers cannot be submitted, changed or withdrawn after the cut-off time for submissions has passed.


All participants will be notified promptly of the success or otherwise of their offers via Yieldbroker DEBTS.

Aggregated results will be published on market data services (Reuters – RBA28; Bloomberg – RBAO8) shortly after the auction, and in Statistical Table A3 on the Reserve Bank website. These include the issuer and series, face value and weighted average and cut-off yields for each security purchased. No information regarding the identities of the Reserve Bank's counterparties will be made public.

Securities Lending

The Reserve Bank stands ready to lend securities against AGS and semis (i.e. general collateral) at market rates on a reverse enquiry basis.

Reserve Bank of Australia
19 March 2020