Following yesterday’s board meeting, Reserve Bank governor Glenn Stevens announced the bank’s new position in a prepared statement. “The board’s view is that scope to move towards a less restrictive stance of monetary policy in the period ahead is increasing,” it read.

Senior Liberals said the schedule for an announcement from the former treasurer in September, after the release of his memoirs, was too far off and must be changed. By staying silent, Mr Costello was allowing speculation to build and create its own political momentum.

The federal treasurer said the ANZ Bank’s announcement that it was increasing its provision for bad debts showed Australia was not immune from developments in global financial markets.