Australian Government 2-year bond yield, Australia
The Australian Government 2-year bond yield in Australia was 4.92% in , up 0.35 pp from and up 1.52 pp from a year earlier. Over the latest 12 readings it moved between 3.44% and 4.92%. The next reading is for October 2026. Source: RBA, RBA table F2.1; history from .
Key takeaways
- The Australian Government 2-year bond yield at 4.92% in beats 100% of readings since (RBA).
- Against a ten-year average of 2.27%, the Australian Government 2-year bond yield is above that norm by 2.66 pp (RBA).
- On the Australian Government 2-year bond yield, Australia ranks 1st highest of 3 countries (national publishers).
What this indicator is and why it matters
The Australian Government 2-year bond yield is the yield on Commonwealth government bonds with two years to maturity, interpolated by the Reserve Bank of Australia from the bonds on issue. The series here is the monthly average from RBA table F2.1 and starts in September 2013.
This yield reflects where markets expect the RBA cash rate to be over the next two years, so it moves most on inflation releases, labor force data and RBA statements. Australian banks and their customers watch it because fixed-rate home loans for terms of two to three years are priced off this part of the curve, and fixed rates rise or fall in advance of cash rate changes when markets expect them.
Mind two points. Because the yield is interpolated from bonds that rarely mature exactly two years ahead, it is an estimate rather than the yield on a single bond. And the Australian bond market is smaller than the US market, so large global moves in US Treasury yields often carry into Australian yields even without local news. Compare it with the cash rate target page: a 2-year yield well below the cash rate means markets expect cuts.
Where it sits in history
The Australian Government 2-year bond yield is at its highest since the series starts in . Within ten years, the Australian Government 2-year bond yield beats 100% of readings.
| Window | Latest is higher than | Average | Highest | Lowest |
|---|---|---|---|---|
| Since September 2013 | 100% of readings | 2.25% | 4.92% | 0.01% |
| Last ten years | 100% of readings | 2.27% | 4.92% | 0.01% |
| Last five years | 100% of readings | 3.35% | 4.92% | 0.01% |
- Australian Government 2-year bond yield 4.9%
Recent readings
Last five years
- Australian Government 2-year bond yield 4.9%
Latest readings
| Period | Value | Change from previous |
|---|---|---|
| 4.92% | +0.35 pp | |
| 4.57% | +0.06 pp | |
| 4.52% | +0.02 pp | |
| 4.50% | -0.16 pp | |
| 4.66% | 0.00 pp | |
| 4.66% | +0.13 pp | |
| 4.54% | +0.31 pp | |
| 4.23% | +0.15 pp | |
| 4.08% | +0.07 pp | |
| 4.01% | +0.34 pp | |
| 3.67% | +0.23 pp | |
| 3.44% | +0.04 pp | |
| 3.40% | +0.06 pp |
Annual averages
By calendar-year average, the Australian Government 2-year bond yield peaked in (3.86%) and bottomed in (0.15%). 2026 to date: 4.52%, after 3.55% in 2025.
| Year | Average | Low | High | Readings |
|---|---|---|---|---|
| 2026 (part year) | 4.52% | 4.08% | 4.92% | 9 |
| 2025 | 3.55% | 3.27% | 4.01% | 12 |
| 2024 | 3.86% | 3.57% | 4.11% | 12 |
| 2023 | 3.66% | 2.91% | 4.25% | 12 |
| 2022 | 2.43% | 0.72% | 3.31% | 12 |
| 2021 | 0.15% | 0.01% | 0.57% | 12 |
| 2020 | 0.31% | 0.09% | 0.76% | 12 |
| 2019 | 1.14% | 0.72% | 1.84% | 12 |
| 2018 | 2.01% | 1.95% | 2.07% | 12 |
| 2017 | 1.79% | 1.66% | 1.91% | 12 |
| 2016 | 1.73% | 1.44% | 1.95% | 12 |
| 2015 | 1.93% | 1.80% | 2.15% | 12 |
| 2014 | 2.60% | 2.30% | 2.76% | 12 |
| 2013 (part year) | 2.72% | 2.69% | 2.77% | 4 |
Same measure in other countries
The Australian Government 2-year bond yield in Australia is above 2 of the other 2 comparable readings. Four countries compared.
| Country | Series | Latest | Period | Change on a year earlier |
|---|---|---|---|---|
| Australia | Australian Government 2-year bond yield | 4.92% | +1.52 pp | |
| United States | 2-year Treasury yield (constant maturity) | 4.65% | September 2026 | +1.08 pp |
| Canada | Government of Canada 2-year benchmark bond yield | 3.27% | September 2026 | +0.76 pp |
Compared with RBA cash rate target
The Australian Government 2-year bond yield stood 0.56 pp above RBA cash rate target in . A shorter-term yield above the policy rate is usually read as markets expecting the policy rate to stay up or rise. A year earlier, in , the figure was -0.20 pp. Five-year range: -0.78 pp () to 2.27 pp ().
- Australian Government 2-year bond yield 4.9%
- RBA cash rate target 4.4%
How is it measured?
Yield on Australian government bonds, interpolated, 2 years maturity, monthly average.
RBA publishes the Australian Government 2-year bond yield monthly in RBA table F2.1, in percent. Code: FCMYGBAG2. Monthly basis: each month shows the average of the daily values in that month. Method for the Australian Government 2-year bond yield.
Questions
How high is the Australian Government 2-year bond yield in Australia now?
4.92% in (RBA), up 1.52 pp on a year earlier.
Is the Australian Government 2-year bond yield high by historical standards?
The Australian Government 2-year bond yield beats 100% of readings since ; its peak was 4.92% (), its low 0.01% ().
When is the Australian Government 2-year bond yield updated?
Monthly, in RBA table F2.1. Next reading: October 2026.
Where can I check the Australian Government 2-year bond yield at the source?
RBA data, code FCMYGBAG2.