(Bloomberg) -- Australia just joined New Zealand, Japan and most Europe nations in selling short-term bills at a negative yield.

The auction of three-month Australian notes saw A$1.5 billion sold an average yield of 0.01%, though buyers who bid most aggressively at the sale received a yield of minus 0.01%. The negative yield means that the nation is being paid to borrow from some investors.

While this is a first, yields in Australia have been close to zero since the central bank cut benchmark rates to 0.1% to help counter the financial and economic impact of the coronavirus pandemic. Policy makers also introduced a range of measures to ensure there is ample liquidity in the system, which has contributed to the collapse in short-end rates.

The Reserve Bank of Australia’s three-year loan program for banks, known as the Term Funding Facility, has seen almost A$84 billion in borrowing so far, which has reduced the need for short-term funding from these markets.

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