Australian 10-Year Bond Yields

The local 10s dipped back towards 4% last week, but they’re at the same price they were 18 months ago, with a lot of news having crossed our screens in that time. The markets are already looking for three RBA interest rate cuts by Christmas, hence for the 10s to push much lower, ongoing easing will likely be needed through 2026/7.

• We can see the local 10s rotating around 4% by Christmas, although our preference is for them to move lower over time.