The Bank of Australia said it will continue to evaluate its bond purchase plan based on economic conditions and health conditions. Australia's east coast is being blocked in turns to fight the delta (delta) variant of the coronavirus.

“If further bad news on health causes a significant setback in the economic recovery, the Commission will be ready to act,” the Bank of Australia said in the minutes of the August meeting released on Tuesday.

Two weeks ago, the Bank of Australia issued an optimistic statement adhering to its proposed plan to reduce bond purchases and expecting the economy to quickly rebound from the contraction caused by the pandemic this quarter. However, the number of new cases in Sydney is still rising, and Melbourne and Canberra have had to extend their respective lockdowns.

The Bank of Australia estimates that household spending will drop by around 15% during the lockdown period. Commonwealth Bank of Australia data shows that consumption is declining.

Australia's largest bank said in a statement on Tuesday that Australian households' willingness to spend on most types of goods declined year-on-year in July, for the first time since the outbreak began.