Source: Northern Territory Police and Fire Services
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Source: Airservices Australia
It is a pleasure to be at the Australian Government Fixed Income Forum here in Tokyo. Today I will talk about three issues that are important for the wider Australian bond market:
To give the punchline up front: in a volatile world, the Australian bond market is supported by a number of enduring strengths that are centred around Australia’s institutional stability and policy frameworks.
If we rewind 25 years, the debate over Australia’s bond market was whether it had much of a future. In the early 2000s, the core of the market – Australian government securities (AGS) – was dwindling in size. That focused minds on the negative feedback effects this would have for the functioning and resilience of Australia’s financial system, ability to attract foreign investors, and the cost of capital.
We have since seen significant growth in Australia’s overall bond market. The first phase of growth was the expanded issuance by Australian banks raising wholesale funding (Graph 1). The second phase has involved the expanded issuance by governments, both federal and state (‘semi’ government securities). The stock of bonds issued by Australian entities is now about 80 per cent the size of total bank credit in Australia.
Graph 1
The growth of the market has been supported by a diverse range of investors: banks accumulating liquid assets in response to regulation; super funds managing Australia’s maturing compulsory savings system; and foreign investors attracted by Australia’s institutions, credit profile and history of relatively high yields.
For most of its history, Australia has benefited from being a net importer of capital, and the bond market has been a key vehicle for that. The growth of the bond market has continued despite an extraordinary decline in Australia’s net foreign liabilities in recent years (Graph 2). That is because Australians have accumulated foreign assets, especially equity, while foreign investors have continued to seek to hold Australian debt.
Graph 2
As the bond market has grown, we have seen a positive feedback loop. A bigger market has seen more diversity, liquidity and maturity of the underlying infrastructure. Several recent and emerging trends speak to this:
Graph 3
Graph 4
Some earlier expectations for the bond market have not come to fruition. Most notably, the corporate bond sector remains small by international standards, with lower rated issuers still tending to seek capital abroad. That said, this partly reflects the ongoing strength of the Australian banks, the emergence of a private credit market, and a long-term decline in corporate leverage since the global financial crisis.
Overall, the Australian bond market has come a long way. Rather than the negative feedback effects that people worried about at the turn of the century, we have seen a positive feedback loop as the market has grown. The market has become more attractive over time to both issuers and investors.
What then might the future hold?
The international backdrop presents two key challenges: competition for global capital; and the potential for periodic market disruptions to spill over. I’ll now outline what each in turn might mean for the Australian bond market. From here, I am largely focusing on government bond markets.
Recent years have seen increased supply of government bonds globally. That reflects both new issuance and a wind down of central banks’ holdings (Graph 5). Some observers have gone so far as to refer to this as an emerging global ‘bond glut’.
Graph 5
In turn, there has been a sustained rise in the yield that government bonds pay over expected future short rates – the term premium (Graph 6). And yields on bonds have also risen relative to those in derivatives markets – the interest rate swap spread.
This shift should be kept in context – the term premium has returned closer to historical norms. Even so, it suggests a fundamental shift from the previous decade or so, when we saw strong demand for government bonds from price-insensitive buyers and historically low term premiums.
Graph 6
What does this mean for Australia?
The supply of government bonds in Australia is also projected to grow at a fast pace relative to history. That largely reflects funding tasks for both the Australian federal and state borrowing authorities. It also reflects the gradual unwinding of the RBA’s holdings of AGS and semis. The ‘free float’ of AGS available to private investors is projected to increase by around 4 percentage points of GDP a year in coming years – the highest since the pandemic.
At the same time, foreign investors continue to own a large share of Australian bonds (Graph 7). That is despite a rapidly growing pool of domestic savings, as I mentioned earlier. Foreign ownership comprises around two-thirds of the free float of AGS available to private investors, though a much lower share of semis.
Graph 7
In this context, Australia’s institutions and credit profile have long provided an important comparative advantage. Our discussions in liaison confirm that foreign investors are attracted to Australia’s strong and stable institutional arrangements. Australia’s general government net debt is amongst the lowest in the developed world, at around 30 per cent of GDP (Graph 8). As a result, while Australia comprises only around 1 per cent of the outstanding sovereign bonds in advanced economies, it makes up more than 10 per cent of the AAA-rated sovereign bond universe. Looking beyond government bonds, Asian investors have developed a larger presence in bank and corporate bonds in recent years for these same reasons. And in the process, issuers have developed stronger relationships with new offshore investors.
Graph 8
Much as international trade may be diverted in a new economic order – so too might international capital. There are a range of plausible scenarios for how this may play out. Investors may be concerned about Australia’s exposures as a small economy with a large trade relationship with China and a major stake in an open international trading and financial architecture. But working in the other direction are the enduring institutional factors I have mentioned, which will continue to be attractive to investors. In some scenarios where these institutional factors take precedence, Australia could even be a net recipient of broader portfolio allocations.
Ultimately, prices will clear markets. And Australia’s floating exchange rate has historically also provided important flexibility, helping to absorb any shifts in relative demand for Australian assets.
A second issue is the potential for market disruptions to spill over to the Australian market. This is not new of course. But in an environment of elevated uncertainty, increasing supply and (as I’ll get to) leverage in global bond markets, we need to be prepared for periodic disruptions.
Events in early April were somewhat dramatic, though brief, and illustrated how changes in the global economic system will play out quickest in capital markets. The US administration’s announcement of larger and broader tariffs than expected, and the response of other governments, saw markets rapidly reassess the outlook. Some large positions in international government bond markets, often associated with leverage, were unwound relatively quickly leading to a sharp rise in yields and thinner liquidity.
There was a similar unwinding of positions in the Australian Government bond market and some participants reduced their trading amid the volatility. As a result, we saw some large moves in AGS yields and a decline in market liquidity (Graph 9). Bid-ask spreads widened to several times their normal level. Yields for other bonds rose relative to AGS, including because they have less liquidity than the AGS market.
Graph 9
On this occasion, Australian markets were ultimately able to adjust – we saw a repricing, but not a broad-based shift to cash. Sellers were able to find willing buyers, and Australian governments continued issuing, though at a slower pace. Derivatives markets were resilient, including bond futures, which play a particularly important role in price discovery and risk management in the Australian market. This was in contrast with the early days of the pandemic, when markets became dysfunctional and threatened broader financial stability.
A key reason that markets stabilised quickly was the pause on the implementation of tariffs. That suggests little room for complacency.
So what other lessons can we take?
One is to remain attentive to market leverage. We did not see large-scale deleveraging in AGS or other Australian bonds. But leveraged investors such as hedge funds have had an increased role in many markets in recent years. They bring significant benefits as a source of liquidity in normal times, but also introduce risks as deleveraging can amplify shocks.
In Australia, we hear that hedge funds are a growing source of demand in some sectors such as semis. But unlike in other countries, where pension funds and insurers can employ significant leverage when holding bonds, Australia’s large superannuation sector is restricted from – and has less incentive to – directly take on leverage.
And, ultimately, this was a reminder of the importance of resilience in core money markets. Australian repo markets continued to function, which avoided broader deleveraging and supported the ability to trade and issue in bonds. In turn, liquidity in money markets was supported by the RBA’s monetary policy implementation framework.
Which brings me to my final topic – the RBA’s new framework for implementing monetary policy and its role in markets.
Recent years have seen a significant decline in the RBA’s balance sheet as our pandemic-era policies have matured. In light of that, we recently announced how we will implement monetary policy in the future to control the cash rate – which is the RBA’s operational target for monetary policy.
For markets, this framework emphasises the important role of two aspects of liquidity:
The recent episode highlighted the importance of these two aspects of liquidity. Money markets redistributed liquidity where it was needed. And we saw a relatively modest increase in demand for reserves at our weekly operations, which helped keep the necessary overall liquidity in the system (Graph 10). Together, that helped to ensure the initial shock was not amplified through broader markets.
Graph 10
The framework’s set-up is forward looking. We expect our repo operations to expand from a low share of the market, to meet demand for reserves as our bond holdings gradually unwind (Graph 11). But we do not want that to significantly displace the normal operation of private money markets.
Graph 11
To help support the smooth operation of markets, we have also emphasised that use of our ‘overnight standing facility’ will be seen as routine liquidity management by both the RBA and APRA.
In all, we have put through changes seen as appropriate for the future – including the price and tenor of operations and the rate we pay on reserves. While we will learn and recalibrate as needed, markets also benefit from predictability and so the intent is not to adjust these settings frequently.
Let me conclude.
We are facing a volatile world. The global economic system is in flux and what will emerge is difficult to predict. Australia’s open economy has long benefited from open capital flows, and the Australian bond market provides a critical linkage with the rest of the world.
In that context, the Australian bond market has a number of key and enduring strengths. Its growth over time has been accompanied by greater depth, diversity and infrastructure. More broadly, Australia’s stable institutional foundations and favourable credit profile should help it to remain an attractive destination for international capital, alongside strong growth in domestic savings.
In an uncertain environment we should be prepared for periods of volatility and market disruption, as events in early April highlighted. Australian markets exhibited resilience and that episode did not become systemic. Importantly, it did not result in a broader shift to cash. On that front, the RBA’s new operational framework is designed to both foster liquid money markets and provide ample central bank reserves. That combination can help Australian markets to remain flexible and resilient in a volatile world.
Thank you for your time and I look forward to your questions.
Source: Northern Territory Police and Fire Services
The NT Police Force hold concerns for the welfare of Amanda and Barrie, who were travelling from Katherine to Numbulwar.
They were last contacted at approximately 8:30am on Wednesday 11 June and were travelling in a white 2023 Toyota Hilux with a silver tray back, NT registration CF45KJ. Amanda and Barrie have not made contact or arrived in Numbulwar since their departure.
Police urge anyone who may have information on their whereabouts to contact police on 131 444. Please quote reference number NTP2500060025.
**This release has been updated to include the reference number and to correct the spelling of Barrie’s name.**
Source: Northern Territory Police and Fire Services
The NT Police Force are calling for information in relation to an indecent act towards a child under the age of 16 that occurred in Palmerston this morning.
About 8am, the Joint Emergency Services Communication Centre received a report that an unknown man had approached a young girl in the vicinity of the Gray Community Hall and indecently exposed himself whilst engaging in an indecent act towards her from a distance. The man fled the scene before police arrival.
The man is described as being of medium build with dark skin, wearing light coloured knee length shorts, a dark coloured t-shirt and carrying a black sports type bag.
Detectives from the Child Abuse Taskforce have carriage of the incident and investigations are ongoing.
Police urge anyone with information about the incident to contact 131 444 and quote reference number NTP2500059923. Anonymous reports can be made through Crime Stoppers on 1800 333 000 or you can make a report online via https://crimestoppersnt.com.au/.
Source: Northern Territory Police and Fire Services
Our CBR is the ACT Government’s key channel to connect with Canberrans and keep you up-to-date with what’s happening in the city. Our CBR includes a monthly print edition, email newsletter and website.
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Source: New South Wales Ministerial News
The City of Greater Bendigo’s vibrant destination program Fiesta Bendigo is in full swing with culinary experts crowning the best taco from three standout finalists in The Taco Trail.
Inspired by Bendigo Art Gallery’s exclusive exhibition Frida Kahlo: In her own image, Fiesta Bendigo’s Taco Trail is a highlight of the visitor campaign involving 23 unique taco creations served across 22 local hospitality businesses. They are all Bendigo Tourism members.
The finalists Percy and Percy, Mexican Kitchen, and The Dispensary Bar & Diner were shortlisted for the guest judges based on the popular votes so far (the winner from public votes will be announced on June 30 and votes are still open*).
Two esteemed culinary experts Dani Valent, a freelance journalist for Gourmet Traveller and host of the Dirty Linen podcast, and Mexican cook Elvira McIntosh de Orozco, a specialist in traditional Nahuatl (Aztec) cuisine, were the guest judges. They crowned the winner after visiting the top three venues to determine the tastiest taco.
Congratulations to The Dispensary Bar & Diner who won the judges over with its Xinjiang Lamb Taco. The winning taco wowed the judges with its bold, unexpected flavours and locally sourced ingredients for the dish – including locally made tortillas.
Judge Elvira McIntosh de Orozco praised the dish’s originality.
“I was quite surprised that the flavour just changes a little and it adds to the quality of it,” Elvira McIntosh de Orozco said.
Dani Valent was equally impressed with the taco’s winning components.
“The meat is so succulent. The Dispensary’s taco really seems to celebrate Australian multiculturalism. It has influences from all over, locally made which is very impressive, lamb shoulder – local lamb, spices, and gochujang. So, we are in northwestern China, we are in Korea, we are in Mexico, and we are definitely in Bendigo,” Dani Valent said.
Finn Vedelsby said the win was fantastic.
“We’re very excited, it’s been wonderful for Bendigo to be able to have so many tacos around and we’re honoured to win best taco in Bendigo. You beauty,” Finn Vedelsby said.
City Acting Manager Economy & Experience Glenn Harvey said the Fiesta Bendigo program and the popular Taco Trail were inspired by Bendigo Art Gallery’s exclusive exhibition Frida Kahlo: In her own image, which is open until Sunday July 13.
“The international exhibition is only open for one more month, closing Sunday July 13 so don’t miss the chance to explore this extraordinary exhibition of the iconic artist Frida Kahlo, and enjoy Mexican-inspired experiences as part of the Fiesta Bendigo program, including The Taco Trail,” Mr Harvey said
“The public vote for Greater Bendigo’s most popular Taco remains open until June 30, with voters going into the draw to win a VIP weekend for two in Bendigo, valued at over $1,000 so I encourage you to explore the trail and vote for your favourite taco.”
Source: New South Wales Community and Justice
Stay safe on Kunanyi / Mt Wellington
Thursday, 12 June 2025 – 2:47 pm.
Be prepared and don’t take chances – that’s the simple message from Tasmania Police to people looking to experience Kunanyi/Mount Wellington, one of the state’s most popular nature attractions.
Tasmania Police joined forces with the City of Hobart on Thursday for a message urging visitors and locals to respect Kunanyi / Mt Wellington’s potentially dangerous alpine weather conditions as winter sets in.
“People need to be aware that it can take just a matter of minutes for the weather to turn treacherous on the mountain,” Tasmania Police Search and Rescue Senior Constable Cameron Rennie, pictured, said.
“Certainly, we’ve seen it turn to blizzard-like conditions in a short space of time, with extremely strong wind, sleet and snow, and that can, and does, catch people out.
“It can be quite a serious situation, if they are not properly prepared.
“It’s not just bushwalkers. Even if you’ve driven a car up to the Springs or the Pinnacle for sight- seeing, make sure you are prepared for the possibility those conditions can change and that you have suitable clothing and can access shelter.
“Be aware that the pathways and roads could become wet and slippery and potentially, the roads will be icy to drive on.” Tasmania Police emphasises the following points.
Plan ahead: Research the difficulty level of your trip and inform others of your planned route and expected return time. Don’t set off alone. For safety, walk in pairs, or as part of a group.
Carry essential equipment: Bring warm and waterproof clothing, hiking shoes, a fully charged mobile phone, and a Personal Locator Beacon (PLB). Take a back-up light source that is not your phone, such as a camping-style headlamp.
Monitor conditions: Check weather forecasts and road / track access updates before heading up the mountain.
Be mindful of visibility: Low cloud cover can reduce visibility to just a few metres, and snow or ice can make tracks and roads dangerously slippery.
If in trouble, ask for help: Don’t leave it to the last minute to raise the alarm. If you have become lost, or injured, or the weather conditions are going to cause you difficulty, ask for advice. Call police on 131 444 or, call triple zero 000 if it is an emergency. Waiting to late in the day or when darkness falls adds to the complexity of a search and rescue.
“These precautions are vital to ensuring a safe experience on the mountain,” Senior Constable Rennie said.
Supporting police, City of Hobart Program Leader Bushland Greg Milne said people were drawn to the mountain’s special experiences, including snow events, but many do not realise the dangers that can come with it.
“Kunanyi / Mount Wellington is a true alpine mountain range and can be deadly for the unprepared or in-experienced,” Mr Milne said.
“Every snow event, our staff working on the mountain see so many unprepared visitors. Last September, at the request of Police Search and Rescue … (we) rescued 18 people from the pinnacle in blizzard-like conditions at night after a storm front surged through.”
Tasmania Police Search and Rescue responded to 11 incidents on Kunanyi/Mt Wellington since July 1 last year.
In five of those callouts, police identified that people were simply not sufficiently prepared.
Source: New places to play in Gungahlin
We’ve developed the ATO Vulnerability Framework to better support taxpayers experiencing vulnerability so they can engage with the tax and super systems more easily and with the help they need.
This framework outlines our commitment to inclusive and respectful engagement, it includes:
While it doesn’t change your legal obligations, it helps shape how we design policies and processes to ensure more consistent and compassionate interactions.
Your insights, and the insights of your members, will help shape the framework to ensure it reflects the real needs and experiences of the people it’s designed to support.
Public consultation helps us understand different perspectives, including lived experiences, identify gaps and strengthen transparency and accessibility.
We welcome feedback from individuals, advocates, professionals and organisations that support people affected by vulnerability.
For more information, see Consultation paper – ATO Vulnerability Framework and visit our website to watch videoExternal Link.
Submit your feedback by 18 July to VulnerabilityConsultation@ato.gov.au.
Please share this opportunity with your members to help build a more inclusive tax and super system.
Looking for the latest news for Super funds? You can stay up to date by visiting our Super funds newsroom and subscribingExternal Link to our monthly Super funds newsletter and CRT alerts.
Source: New places to play in Gungahlin
We’ve developed the ATO Vulnerability Framework to better support taxpayers experiencing vulnerability so they can engage with the tax and super systems more easily and with the help they need.
This framework outlines our commitment to inclusive and respectful engagement. It includes:
While it doesn’t change your legal obligations, it helps shape how we design policies and processes to ensure more consistent and compassionate interactions.
Your insights will help shape the framework to ensure it reflects the real needs and experiences of the people it’s designed to support.
For more information, see Consultation paper – ATO Vulnerability Framework and visit our website to watch videoExternal Link.
Submit your feedback by 18 July to VulnerabilityConsultation@ato.gov.au.
Please share this opportunity with your SMSF members to help build a more inclusive tax and super system.
Looking for the latest news for SMSFs? – You can stay up to date by visiting our SMSF newsroom and subscribingExternal Link to our monthly SMSF newsletter.
Source: Australian National Party
As part of ACT Government’s ‘One Government, One Voice’ program, we are transitioning this website across to our . You can access everything you need through this website while it’s happening.
Released 12/06/2025 – Joint media release
The ACT Government is investing more than $15 million over four years in wide-ranging suburban infrastructure improvements for Tuggeranong.
This includes delivering on community priorities with recreation facilities, upgraded playgrounds and safer and more accessible footpaths and revitalised local shops.
These investments form part of the ACT Government’s broader support for improvements local infrastructure across Canberra and are designed to make Tuggeranong an even better place to live.
“We’re getting on with the job of delivering on our election commitments for the southside, which includes better facilities and services that Tuggeranong residents rely on every day, whether that’s a new playground for kids, a safer path to walk or cycle, or an upgraded local shop,” said Chief Minister Andrew Barr.
“This is a practical investment in Tuggeranong’s future that’s based on the feedback we’ve heard from the community about what matters most to them. We’re making sure our suburbs are better connected and have the infrastructure they need as Canberra grows.”
2025-26 Budget initiatives in Tuggeranong include:
Better Footpaths and Safer Streets
Upgraded Community Playgrounds
Revitalised Local Shops
Investing in Sport and Recreation
Renewing the Tuggeranong Skate Park
“No matter where you live in Tuggeranong, we will continue to make sure that you have the services and infrastructure to support current and future Canberrans,” said Treasurer Chris Steel.
“This investment reflects our government’s commitment to making sure Canberra’s suburbs have the infrastructure they need, to support the high quality of life our city is known for.”
– Statement ends –
Andrew Barr, MLA | Chris Steel, MLA | Media Releases