From the May meeting minutes: "Since mid........>

RBA: From the May meeting minutes: "Since mid March, the Bank had purchased a

total of about $50 billion of Australian Government Securities (AGS) and

semi-government securities (semis). The yield on 3-year AGS had remained at the

target of around 25 basis points and market functioning had significantly

improved for government bonds. Daily volatility in AGS bond yields and bid-offer

spreads had declined since their peaks in mid March, while measures of market

depth had increased. Consequently, the Bank had gradually reduced the size, and

more recently the frequency, of its bond auctions, which initially had been

conducted daily. This had occurred at the same time as there had been a large

increase in the issuance of both AGS and semis, which had been achieved at low

yields. The various tenders for AGS had been met by consistently strong demand,

and the yield curve had shifted down significantly since early March."