The Reserve Bank has nailed record low interest rates to the floor until 2024 at the earliest and extended its bond-buying program by another $100 billion despite upgrading its employment and inflation forecasts.

The central bank maintained its cash rate target at 0.1 per cent and lowered its unemployment forecast to hit 6 per cent by the end of this year, down from the 6.5 per cent it had forecast less than three months ago. Inflation and GDP forecasts have also been slightly upgraded.