ANZ note that "with around AUD10.8bn worth of...>

RBA: ANZ note that "with around AUD10.8bn worth of repos maturing last week,

there was a risk exchange settlement (ES) balances could drop materially.

However, the RBA continued its demand-driven approach and dealt AUD9.9bn through

reverse repos, the largest weekly amount since March. On a net basis, this meant

the OMO repos reduced liquidity by AUD976m. With AUD18.4bn worth of repos

maturing this week, there is once again a risk that ES balances could fall

materially. However, we think it is unlikely the RBA will change its approach,

and if BBSW and other short-term rates widen on the optics from a fall in ES

balances we think this presents an opportunity to fade the widening. Surplus ES

balances ended the week higher. Given OMO repos were a net negative, this

suggests government payments exceeded receipts and borrowing. Though surplus ES

balances were about AUD3.2bn higher, this was not enough to shift the overnight

cash rate lower, which set at 0.14% each day last week."