JobKeeper Gone, Broader Matters Eyed

Futures operate around the lower end of their overnight ranges after taking the lead from the U.S. Tsy market during the final overnight session of last week, which outweighed the recent positive local fiscal developments and Sino-Aussie tensions surrounding wine tariffs. YM -1.5, XM -6.0. The 10- to 15-Year sector of the cash ACGB curve underperforms, with the AU/U.S. 10-Year yield spread printing ~1.5bp wider than late Sydney levels seen on Friday.

• The RBA's scheduled round of ACGB purchases headlines a very limited local docket on Monday.
• A quick reminder that the Australian Government's JobKeeper scheme expired over the weekend. Most don't expect much in the way of a meaningful impact from the expiry of the scheme (at least in terms of the recent progress on the unemployment front), although the cessation of the programme will likely introduce a non-linear ebb and flow to job market developments in the coming weeks/months.