Australian Government 10-year bond yield, Australia
The Australian Government 10-year bond yield in Australia was 5.28% in , up 0.27 pp from and up 0.99 pp from a year earlier. Over the latest 12 readings it moved between 4.23% and 5.28%. The next reading is for October 2026. Source: RBA, RBA table F2.1; history from .
Key takeaways
- The Australian Government 10-year bond yield at 5.28% in beats 100% of readings since (RBA).
- Against a ten-year average of 2.92%, the Australian Government 10-year bond yield is above that norm by 2.36 pp (RBA).
- On the Australian Government 10-year bond yield, Australia ranks 2nd highest of 4 countries (national publishers).
What this indicator is and why it matters
The Australian Government 10-year bond yield is the interpolated yield on Commonwealth government bonds with ten years to maturity, published monthly by the Reserve Bank of Australia in table F2.1. The series here is the monthly average and starts in May 2013.
It is the benchmark for long-term borrowing costs in Australia. State government bonds, corporate bonds and long-term infrastructure finance are priced against it, and Australian banks hold government bonds as liquid assets, so changes in this yield affect the value of their portfolios. Pension funds and insurers also use it to value long-dated liabilities.
The pitfall is reading it as purely Australian news. Foreign investors hold a large share of Commonwealth bonds, and the 10-year yield tracks US Treasury yields closely, so it often rises or falls because of developments in the United States. The gap between Australian and US 10-year yields is a better guide to local factors. Being interpolated, the figure is also an estimate built from several bonds rather than the yield on one security, and the monthly average smooths short-lived swings.
Where it sits in history
The Australian Government 10-year bond yield is at its highest since the series starts in . Within ten years, the Australian Government 10-year bond yield beats 100% of readings.
| Window | Latest is higher than | Average | Highest | Lowest |
|---|---|---|---|---|
| Since May 2013 | 100% of readings | 2.98% | 5.28% | 0.80% |
| Last ten years | 100% of readings | 2.92% | 5.28% | 0.80% |
| Last five years | 100% of readings | 3.92% | 5.28% | 1.28% |
- Australian Government 10-year bond yield 5.3%
Recent readings
Last five years
- Australian Government 10-year bond yield 5.3%
Latest readings
| Period | Value | Change from previous |
|---|---|---|
| 5.28% | +0.27 pp | |
| 5.01% | +0.10 pp | |
| 4.92% | +0.09 pp | |
| 4.83% | -0.15 pp | |
| 4.98% | +0.01 pp | |
| 4.97% | +0.04 pp | |
| 4.93% | +0.17 pp | |
| 4.76% | +0.01 pp | |
| 4.75% | +0.03 pp | |
| 4.72% | +0.30 pp | |
| 4.42% | +0.18 pp | |
| 4.23% | -0.06 pp | |
| 4.30% | +0.02 pp |
Annual averages
By calendar-year average, the Australian Government 10-year bond yield peaked in (4.37%) and bottomed in (0.92%). 2026 to date: 4.94%, after 4.37% in 2025.
| Year | Average | Low | High | Readings |
|---|---|---|---|---|
| 2026 (part year) | 4.94% | 4.75% | 5.28% | 9 |
| 2025 | 4.37% | 4.21% | 4.72% | 12 |
| 2024 | 4.21% | 3.92% | 4.54% | 12 |
| 2023 | 3.94% | 3.34% | 4.63% | 12 |
| 2022 | 3.20% | 1.89% | 3.92% | 12 |
| 2021 | 1.48% | 1.05% | 1.81% | 12 |
| 2020 | 0.92% | 0.80% | 1.16% | 12 |
| 2019 | 1.50% | 0.96% | 2.27% | 12 |
| 2018 | 2.68% | 2.43% | 2.85% | 12 |
| 2017 | 2.64% | 2.42% | 2.80% | 12 |
| 2016 | 2.34% | 1.89% | 2.80% | 12 |
| 2015 | 2.72% | 2.41% | 2.98% | 12 |
| 2014 | 3.66% | 2.96% | 4.16% | 12 |
| 2013 (part year) | 3.88% | 3.32% | 4.26% | 8 |
Same measure in other countries
The Australian Government 10-year bond yield in Australia is above 2 of the other 3 comparable readings. Four countries compared.
| Country | Series | Latest | Period | Change on a year earlier |
|---|---|---|---|---|
| Australia | Australian Government 10-year bond yield | 5.28% | +0.99 pp | |
| United States | 10-year Treasury yield (constant maturity) | 4.99% | September 2026 | +0.87 pp |
| Canada | Government of Canada 10-year benchmark bond yield | 3.88% | September 2026 | +0.66 pp |
| United Kingdom | 10-year gilt yield (nominal par) | 5.37% | September 2026 | +0.68 pp |
Compared with the Australian Government 2-year bond yield
The gap between the Australian Government 10-year bond yield and the Australian Government 2-year bond yield was 0.36 pp in , an upward-sloping curve. A year earlier, in , the figure was 0.90 pp. Five-year range: -0.04 pp () to 1.54 pp ().
- Australian Government 10-year bond yield 5.3%
- Australian Government 2-year bond yield 4.9%
How is it measured?
Yield on Australian government bonds, interpolated, 10 years maturity, monthly average.
RBA publishes the Australian Government 10-year bond yield monthly in RBA table F2.1, in percent. Code: FCMYGBAG10. Monthly basis: each month shows the average of the daily values in that month. Method for the Australian Government 10-year bond yield.
Questions
How high is the Australian Government 10-year bond yield in Australia now?
5.28% in (RBA), up 0.99 pp on a year earlier.
Is the Australian Government 10-year bond yield high by historical standards?
The Australian Government 10-year bond yield beats 100% of readings since ; its peak was 5.28% (), its low 0.80% ().
When is the Australian Government 10-year bond yield updated?
Monthly, in RBA table F2.1. Next reading: October 2026.
Where can I check the Australian Government 10-year bond yield at the source?
RBA data, code FCMYGBAG10.