The space looked through local data,...>

AUSSIE BONDS: The space looked through local data, with YM -0.5 & XM unchanged

at typing.

- The latter had a brief look below SYCOM lows on the back of broader risk-on

flows, as the AUD surged, before regaining some poise. A reminder that liquidity

was partially limited by a holiday in ACT.

- The highlight on the corporate supply front saw CIBC mandate for a potential

3-5 Year round of A$ issuance, the latest name to look to exploit AUD/CAD x-ccy

basis levels. On the semi front, SAFA has noted that it has no intention of

accessing term fixed rate markets in June.

- Elsewhere, the government is seemingly focusing on the construction industry

and infrastructure investment, at least for now, as it looks to promote economic

growth. Also, while we are on the fiscal front, it is worth reflagging some

weekend comments from Treasurer Frydenberg, as he told the Telegraph that he

would "love the states to get rid of the payroll tax."

- The RBA decision headlines the local docket tomorrow (expect our preview to

hit at some point in the London morning).