Flatter Into The Weekend, Plenty Of Things To Talk About Locally

Aussie bonds were flatter on the Tsy dynamic, with the futures curve a little off of flattest levels come the close. YM unch., XM +2.5. Local preliminary retail sales data was solid, while the release of the AOFM's weekly issuance slate was vanilla after this week's long end syndicated tap.

• Elsewhere, we saw Australia Treasurer Frydenberg note that a compulsory increase in the superannuation rate would cut lifetime wage earnings for the average Australian by 2% and lower-income earners would be hit the hardest, effectively upping the prospect of a delay/scrap of legally enforced hikes to contributions.
• We also saw announcements from the RBA re: HQLA, with CBA strategists noting that "there has already been a substantial increase in bank holdings of HQLA in 2020 but the RBA's reported numbers today mean a further increase is likely." They noted that the more substantial move will come in '21, with little scope for meaningful impact re: this year's holding requirements (see the RBA website for full details re: the announcement).
• Elsewhere, South Australia tempered its strict lockdown measures after authorities ascertained that some misleading information was given by one of the close contacts to the local COVID cluster.
• Bills finished unchanged to +1 through the reds.
• Local flash PMI data is due Monday.