After the last board meeting the RBA noted that, "it is reasonable to expect that an extended period of low interest rates will be required to reduce unemployment and achieve the inflation target." That kind of commentary, in particular the words "extended period" was used by both the US Federal Reserve and the European Central Bank to describe low monetary policy settings before ultimately adopting a range of other policy measures, including quantitative easing (QE).
While there is more talk in markets about a 0.50% cash rate by early next year and some even discussing an official cash rate that is lower or negative, it probably remains "unlikely" in Australia. That said, last week’s volatility and increased chatter about a possible global recession, keeps financial markets on their toes at the moment.
The above commentary instead suggests the RBA, in consultation with the government, will probably consider and embark on a path of unconventional policy settings and fiscal stimulus including QE and government spending before Australia gets to this position.