The Reserve Bank promised to keep its official cash rate at 0.10 per cent for at least the next three years and will buy $100 billion of bonds in the coming six months to force cheaper bank lending to boost the economy's jobs recovery.

RBA governor Philip Lowe announced a $5 billion-per-week buying program – worth about 5 per cent of GDP in total – along with a suite of lower rates for bank funding, while also upgrading forecasts for economic growth from 4 per cent to 6 per cent by June next year.