RBA Assistant Governor Kent (Financial Markets) says in 'Additional Monetary Policy Tools: Reflections and a New Framework' speech that board may have less tolerance for inflation below target, and RBA may consider using tools earlier, front load support

Says:

• Would consider responding more decisively to disinflation.
• QE effect in Australia is probably weaker than elsewhere. 
• Forward guidance for commitment is difficult to implement and best for guidance to be explicitly set to economic outcomes.
• Cash Rate Target remains our primary and preferred instrument for achieving our inflation and employment objectives. But there may be times when conventional policy space is constrained and additional support is needed. In those cases, the new framework makes us better prepared to respond.