Short answer: On 2026-10-21, Australian Commonwealth Government bonds yielded 4.92% for 2 years, 4.91% for 3 years, 4.96% for 5 years, 5.28% for 10 years (Reserve Bank of Australia). Bank and corporate bonds yield more than a government bond of the same term; the difference is their credit spread.
| Term | Yield |
|---|---|
| 2 years | 4.92% |
| 3 years | 4.91% |
| 5 years | 4.96% |
| 10 years | 5.28% |
The 10-year yield is 36 basis points above the 2-year, so the curve slopes upwards: longer terms pay more.
For comparison, the big four's floating rate notes on Candour Capital's range pay a median of BBSW + 0.85% (senior) and BBSW + 1.90% (Tier 2); with 3-month BBSW at 4.83%, that is 5.68% and 6.73% a year.
Government bond yields are the base for pricing every other Australian dollar bond. A bank or corporate bond's yield is roughly the government (or swap) yield for its term plus a credit spread for its issuer and ranking. When government yields rise, prices of existing fixed rate bonds fall.
Source: Reserve Bank of Australia statistics, updated weekly on this page.
General information only. It does not take into account your objectives, financial situation or needs and is not a recommendation. Investment opportunities through Candour Capital are for wholesale and professional investors only. Read the offer documents and seek professional advice before investing.