Australia’s central bank is the only major central bank that could take a big step back and reverse its decision to taper bond purchases next month. Earlier this month, confidence in the economy encouraged the RBA to reduce purchases by A$1 billion a week. Since then 50% of the country has been forced into lockdown with no end in sight. Even if they do not reverse taper in August, its outlook will be more cautious and it will emphasize the need for ongoing stimulus, leaving investors with the sense that it will be one of the last central banks to raise interest rates. Looking ahead, Australian retail sales are due for release this evening, and the lockdown is widely expected to curtain spending.