I have published (with several of my colleagues) an article in the RBA Bulletin on the Term Funding Facility (TFF). This article outlines the purpose and design of the facility, as well as the usage of the TFF so far.

Working on the TFF has been a fascinating experience for me. I returned home to Australia from full-time study in the UK – 6 months earlier than expected – as the severity of the pandemic was becoming clear. While in hotel quarantine in Sydney, I offered to help my busy colleagues. I was only expecting to find some busy work to pass the time between my (now-on-Zoom) classes – time I would have spent at the college pub otherwise!

Instead, my colleagues asked me to help on the design and setup of a facility to provide secured term funding to Australian banks. This type of facility has been used by many foreign central banks, but is a first for Australia. We set up the facility in a matter of weeks, in an exciting (and sometimes scary!) period for financial markets. Nine months later, I find myself managing the team that administers the TFF and analyses its effects on the Australian economy. The Bulletin article is a small slice of the fascinating work the team is doing, which I hope any readers enjoy.