COMMONWEALTH OF AUSTRALIA

Reserve Bank Act 1959

RESERVE BANK BOARD POLICY ORDER (NO.2)

I, ElectrumNS, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following order to the Reserve Bank Board under section 11 of the Reserve Bank Act 1959:

1. The Board shall, in the medium term, have an aim to decrease the cash rate to zero basis points.

2. The Board shall, in the long term, prioritise full employment in the Australian economy when the cash rate is set.

3. The Board shall decide to reduce the cash rate by at least fifty basis points at the next monthly Board meeting.

Dated 3 June 2019

ElectrumNS

Governor-General

By His Excellency’s Command

FinePorpoise

Minister for Finance, delegated by the Treasurer