Westpac note that "the forecast........>

AUSSIE BONDS: Westpac note that "the forecast budget deficit of A$190bn came in

A$50bn less than Westpac was projecting and that is reflected in lower gross and

net debt than we previously forecast. So, while we think the deficit for 2020-21

will likely be increased in the October 6 Budget, with further spending measures

to be announced, for now we think that the Government's borrowing requirement

estimates would be at the lower end of market expectations and so should be

favourably received by the market. Even so, these remain large numbers, with

significant uncertainties attached, so this announcement will not materially

re-calibrate curve shapes or outright levels."