[https://mobile.abc.net.au/news/2020-09-01/asx-fall-wall-street-s&p500-coronavirus-covid19-nasdaq-record/12615770?section=business](https://mobile.abc.net.au/news/2020-09-01/asx-fall-wall-street-s&p500-coronavirus-covid19-nasdaq-record/12615770?section=business) >"The Australian share market closes sharply lower despite the Reserve Bank providing more cheap loans to banks, and shares in QBE are hit hard after its CEO is sacked following an investigation into workplace communications."

As was widely expected, the central bank maintained its target of 0.25 per cent for the cash rate and the three-year government bond yield. However, the RBA also said it would increase the size of its "term funding facility", which will provide banks with additional funding at a fixed rate of 0.25 per cent for three years.

With no hint of further rate cuts in the offing, the Australian dollar was up, buying around 74 US cents and trading near two-year highs.

"Clearly it has an impact on all businesses but some are more pandemic resistant." European markets closed in the red, with Britain's FTSE and Germany's DAX losing more than 0.6 per cent each.

Good