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SIGNIFICANT POLICY SUPPORT DURING THE PANDEMIC LARGE BUDGET DEFICITS EXPECTED IN THE NEAR TERM¹ (%) 0 Forward Estimates ($B) AUSTRALIA GOVERNMENT DEBT IS AT A LOW STARTING POINT² Japan Italy United States -3 -6 0 France Canada -50 United Kingdom India -100 $ Levels (RHS) -150 % GDP (LHS) Germany Malaysia China Australia South Korea -12 -200 Sweden New Zealand Indonesia -15 -250 2003-04 2006-07 2009-10 2012-13 2015-16 2018-19 2021-22 0 CASH RATE AND BOND YIELDS ARE AT LOW LEVELS³ (%) Cash Rate Target 2.0 1.5 10 1.0 0.5 0.0 Jan-19 Apr-19 -3-year AGS 10-year AGS Jul-19 50 50 100 150 200 (%) RBA HAS BEGUN BOND PURCHASES4 Overnight Cash Rate -5-year AGS ($B) 60 60 ༡༧༦༩།༡༢ ༡༩༡༩༡༩༨༧༩)ང་དང་༠༥༢)སྤྱི་ལོམ་ཚ་རྒྱ་ 50 40 40 30 20 20 10 Weekly ⚫Cumulative 0 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 (2) Source: Commonwealth Treasury Source: IMF. Data are for 2019 shown as a share of GDP for each country (3) Source: Macrobond. Data to 3 November 2020 (4) Source: RBA, NAB. Data to 3 November 2020 111 National Australia Bank

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