Daily Flows

• AMP leads the short end with its 31-day notice account at 4.50% (corporate) and 4.30% (financial). Steady inflows continue, though the 30bps bonus may soon end.
• In the 6–12-month space, BBB+ banks remain competitive, with the new month bringing pricing flexibility. Rabobank (A-1/A) continues to lead at the long end, offering top levels out to 5 years.
• Suncorp (Norfina, AA-) Sept-29 FRNs were offered around +80bps, providing relative value against major bank paper of similar tenor.

Market Awaits Q1 GDP Tomorrow

• A quiet domestic session overnight with no major data releases saw the 10-year Australian government bond sit around 4.29%.
• The RBA Minutes for May, due today, will be closely watched for insight into the policy balance between holding and a possible 25–50bps cut.
• Final partial economic data — net exports and government spending — will be released today ahead of tomorrow’s Q1 2025 GDP print.
• RBA’s Assistant Governor Hunter will deliver a speech in Brisbane titled Joining the Dots: Exploring Australia’s Links with the World Economy, expected to reinforce the May SoMP view that global trade remains a net disinflationary force for Australia.