Not much to really report in early.....>

AUSSIE BONDS: Not much to really report in early trade this week, with the two

major futures contracts hovering around unchanged levels after XM drifted back

from SYCOM lows ahead of the bell on Friday.

- Some early focus has fallen on a weekend interview with Treasurer Frydenberg,

as he told the Telegraph that he would "love the states to get rid of the

payroll tax."

- Nothing shocking on the data front thus far, with a small M/M dip for the

CoreLogic house price reading and a slowing in the rate of contraction for the

CBA & AiG m'fing PMIs.

- Little of note on the local docket today, so focus falls on broader risk

appetite and headline flow ahead of tomorrow's RBA MonPol decision.

- A regional holiday in ACT may limit liquidity today.

- Also worth noting that SAFA has noted that it has no intention of accessing

term fixed rate markets in June.