Curve biased steeper on Monday, with...>

AUSSIE BONDS: Curve biased steeper on Monday, with the risk switch flicked to

on, leaving YM -1.0 and XM -3.5, with cash trade following a similar trajectory.

The broader market impetus outweighed local dynamics, with the latter looking to

the previously flagged deepening of localised COVID-19 lockdown restrictions in

Melbourne, the announcement of the closure of the NSW-Victoria border,

Sino-Aussie tension surrounding Hong Kong and discussions surrounding the

Trans-Tasman travel bubble (late Friday saw the AFR cover comments from Tourism

Minister Birmingham who suggested that "despite the flare-up of COVID-19 cases

in Victoria, it was viable for quarantine-free travel between the two countries

to reopen in September. "That's a realistic time frame, however, it clearly is

subject to uncertainties like the situation in Victoria and ultimately it

requires the agreement of the New Zealand government as well").

- Bills unchanged to down 1 through the reds on very light volumes.

- The RBA monetary policy decision headlines tomorrow's local docket, and is

expected to be a bit of a placeholder event (expect our full preview at some

point during the London morning).