During the Covid-19 pandemic, the RBA implemented a quantitative easing policy by buying Treasury bonds from the secondary market, resulting in a large expansion of its balance sheet. The bonds are recorded at market value in its balance sheet.

RBA Assets Monthly $b $b 600 600 400 400 200 200 M JS D M J S D M JS D M JS 2019 2020 2021 2022 Bond purchase program bonds Domestic reverse repos Yield target and market function bonds Other domestic bonds Term Funding Facility Gold and foreign exchange RBA Liabilities Monthly $b $b 600 600 400 400 200 200 M JS D M JS D M JS D M JS 2019 2020 2021 2022 ES balances Banknotes on issue Government and other deposits Other liabilities