Labour Market Data Due Up

YM -0.5, XM -2.0 in early Sydney trade, roughly in line with late overnight levels after the direction of the U.S. Tsy space drove matters during afterhours dealing.

• The local labour market report headlines the domestic docket today, and we should remind you that both economists and the RBA itself have tended to greatly underestimate the strength of the Australian labour market. Still, the cessation of the government's JobKeeper scheme does present some immediate 2-way risks to the relevant readings over the next couple of months, although the ultimate net impact of the cessation is deemed negligible at best. The retracement of the underemployment and underutilisation rates from the '20 highs to pre-pandemic levels (or lower) has been particularly impressive.
• Elsewhere, the RBA will conduct its latest round of scheduled ACGB purchases.