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RBA governor Philip Lowe (Image: AAP/Dean Lewins)

Despite effecting a monetary policy revolution over the course of 2020, the Reserve Bank still has more to come on November 3 when the RBA board next meets. The 2.30pm announcement by governor Philip Lowe will likely outline a series of measures that take Australia further into an entirely new monetary world.

We already know the outline of the measures from last week’s speech on the economy by Lowe, the RBA’s recent second Stability Review of the year and this week's minutes from the RBA's October 6.

Firstly, the cash rate will be cut to 0.10%. The Bank's three-year bond rate target will also be lowered to 0.10%, and the bank will make clear it will continue to buy sufficient bonds to drive the key rate to that level and hold it there.