Australian Government 10-year minus 2-year yield spread, Australia
Australian Government 10-year minus 2-year yield spread was 0.36 pp in September 2026, down 0.08 pp from August 2026 and down 0.54 pp from a year earlier. The figure is published by Reserve Bank of Australia in RBA table F2.1. The series starts in September 2013 and has 157 observations. Source: Reserve Bank of Australia.
- On the previous reading (August 2026): down 0.08 pp, to 0.36 pp
- On a year earlier (September 2025): down 0.54 pp
- Against the five-year average of 0.57 pp: below
Sparklines: the last ten years; the amber dot marks the reading in the tile. Source: Reserve Bank of Australia. This information is available free of charge on rba.gov.au. EconoMonitor is not affiliated with or endorsed by the RBA.
Overview
Over the last five years the series ranged from -0.04 pp (July 2023) to 1.54 pp (October 2021). Since September 2013 the full range is -0.04 pp (July 2023) to 1.62 pp (March 2021).
Key facts
| Reading | Period | Value |
|---|---|---|
| Latest | September 2026 | 0.36 pp |
| Previous | August 2026 | 0.44 pp |
| A year earlier | September 2025 | 0.90 pp |
| Five-year high | October 2021 | 1.54 pp |
| Five-year low | July 2023 | -0.04 pp |
| First observation | September 2013 | 1.35 pp |
Unit: percentage points. Source: Reserve Bank of Australia. This information is available free of charge on rba.gov.au. EconoMonitor is not affiliated with or endorsed by the RBA.
How has it moved since September 2013?
Full history
- Australian Government 10-year minus 2-year yield spread 0.4
Last five years
- Australian Government 10-year minus 2-year yield spread 0.4
Latest readings
| Period | Value | Change from previous |
|---|---|---|
| September 2025 | 0.90 pp | -0.04 pp |
| October 2025 | 0.80 pp | -0.10 pp |
| November 2025 | 0.75 pp | -0.05 pp |
| December 2025 | 0.71 pp | -0.04 pp |
| January 2026 | 0.67 pp | -0.04 pp |
| February 2026 | 0.53 pp | -0.14 pp |
| March 2026 | 0.39 pp | -0.14 pp |
| April 2026 | 0.31 pp | -0.08 pp |
| May 2026 | 0.32 pp | +0.02 pp |
| June 2026 | 0.33 pp | +0.01 pp |
| July 2026 | 0.40 pp | +0.07 pp |
| August 2026 | 0.44 pp | +0.04 pp |
| September 2026 | 0.36 pp | -0.08 pp |
How does the latest reading compare?
The latest reading of 0.36 pp in September 2026 is below its five-year average of 0.57 pp and below its ten-year average of 0.65 pp. It is higher than 15% of all 157 readings since September 2013. The fall in September 2026 ended a run in the other direction or a flat reading. Over the last 12 readings, from October 2025 to September 2026, it averaged 0.50 pp, with a high of 0.80 pp in October 2025 and a low of 0.31 pp in April 2026. In the last ten years the largest rise from one reading to the next was in March 2021, to 1.62 pp from 1.24 pp in February 2021, and the largest fall was in June 2023, to -0.04 pp from 0.27 pp in May 2023.
Among the last 9 complete years, the average was highest in 2021, at 1.33 pp, and lowest in 2023, at 0.28 pp.
Year by year
| Year | Average | Low | High | Last reading | Readings |
|---|---|---|---|---|---|
| 2026 | 0.42 pp | 0.31 pp | 0.67 pp | 0.36 pp September 2026 | 9 |
| 2025 | 0.81 pp | 0.59 pp | 0.95 pp | 0.71 pp December 2025 | 12 |
| 2024 | 0.35 pp | 0.21 pp | 0.47 pp | 0.44 pp December 2024 | 12 |
| 2023 | 0.28 pp | -0.04 pp | 0.45 pp | 0.29 pp December 2023 | 12 |
| 2022 | 0.76 pp | 0.44 pp | 1.17 pp | 0.44 pp December 2022 | 12 |
| 2021 | 1.33 pp | 0.97 pp | 1.62 pp | 1.08 pp December 2021 | 12 |
| 2020 | 0.62 pp | 0.29 pp | 0.88 pp | 0.88 pp December 2020 | 12 |
| 2019 | 0.36 pp | 0.23 pp | 0.43 pp | 0.40 pp December 2019 | 12 |
| 2018 | 0.67 pp | 0.49 pp | 0.89 pp | 0.49 pp December 2018 | 12 |
| 2017 | 0.85 pp | 0.68 pp | 0.99 pp | 0.68 pp December 2017 | 12 |
Averages, lows and highs are calculated by EconoMonitor from the published readings. Source: Reserve Bank of Australia. This information is available free of charge on rba.gov.au. EconoMonitor is not affiliated with or endorsed by the RBA.
How is it measured?
Difference between the monthly average 10-year and 2-year government bond yields.
Australian Government 10-year minus 2-year yield spread is published monthly by Reserve Bank of Australia in its RBA table F2.1 release. It is measured in percentage points. EconoMonitor holds all 157 readings since September 2013, keeps earlier values when the publisher revises them, and compares each release with the downloaded file before it is shown. Formula: au_agb_10y - au_agb_2y.
- Formula: au_agb_10y - au_agb_2y.
- Frequency: monthly.
- Unit: percentage points.
- Release: RBA table F2.1, published by Reserve Bank of Australia.
- Source series code: .
- Methodology: how EconoMonitor stores and checks this series.
Questions and sources
What is the latest reading of Australian Government 10-year minus 2-year yield spread?
0.36 pp in September 2026, as published by Reserve Bank of Australia.
How often is it updated?
Monthly, with each RBA table F2.1 release. EconoMonitor reloads the series after each release and keeps earlier values when the publisher revises them.
Where can I check it?
At the publisher: Reserve Bank of Australia statistical tables, series code .
Source: Reserve Bank of Australia. This information is available free of charge on rba.gov.au. EconoMonitor is not affiliated with or endorsed by the RBA. Checks for this release: Check A passed, Check B passed.
Data and analysis only, not financial advice. Data publishers do not endorse EconoMonitor. See the disclaimer and methodology.