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Westpac transaction flow reveals that their "preferred measure of activity (net A$ flow delta, 20-day rolling sum) remained in net buying territory in September, albeit slowing into month end. That should not be too surprising, as the prior month's net buyside flow was the largest since September '16. Strong flow was evident across funded accounts and offshore real money, although sovereigns we small net sellers by month end. There is little reason to expect that to be the harbinger of a broader shift, although valuations are definitely getting tighter. The dominant demand for ACGBs of previous months slowed, with a greater contribution by other product categories. The demand was also seen across the curve, which is not surprising given that all investor cohorts participated, although we do note that the >10yr maturity was again very popular, which suggests that the yield seeking behaviour that has characterised demand in the AU bond market for the past decade remains a key influence."