Reserve Bank begins gentle windback of emergency stimulus, keeping rates on hold near zero

The Reserve Bank has laid the groundwork for winding back some of its massive emergency stimulus that's been pumped into the economy since the beginning of the COVID crisis.

But in what will be good news for highly-leveraged borrowers who've dived into the surging real estate market, the RBA says any increase in the official cash rate probably won't be until 2024.

There was also optimism that the economy will quickly bounce back from recent lockdowns including the current one in Sydney.

I spoke with Linda Mottram on the ABC's PM program.