Australian yield curve: 10-year minus 2-year
Whether long-term yields are above short-term yields. Below zero, the curve is inverted.
- Latest
- 0.40 pp
- Previous
- 0.40 pp
- Change
- −0.01 pp
- Frequency
- Daily
Calculated by Take Profits
Slope = 10-year government bond yield − 2-year government bond yield, on the same day (percentage points). The inputs are the official series listed under Sources; the result is not published by the source in this form.
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Australian yield curve: 10-year minus 2-year
Whether long-term yields are above short-term yields. Below zero, the curve is inverted.
- Curve 10y-2y
- 0.40 pp
- 14 Jun 2023 to 25 Jul 2023, lowest −0.14 pp
Data table
| Period | Curve 10y-2y | Source value (FCMYGBAG10D − FCMYGBAG2D) |
|---|---|---|
| 14 Oct 2026 | 0.40 pp | 5.314 − 4.919 |
| 13 Oct 2026 | 0.40 pp | 5.288 − 4.886 |
| 12 Oct 2026 | 0.41 pp | 5.317 − 4.904 |
| 9 Oct 2026 | 0.42 pp | 5.331 − 4.909 |
| 8 Oct 2026 | 0.48 pp | 5.39 − 4.911 |
| 7 Oct 2026 | 0.46 pp | 5.404 − 4.94 |
| 6 Oct 2026 | 0.46 pp | 5.394 − 4.931 |
| 2 Oct 2026 | 0.43 pp | 5.334 − 4.909 |
| 1 Oct 2026 | 0.41 pp | 5.397 − 4.987 |
| 30 Sep 2026 | 0.40 pp | 5.344 − 4.942 |
| 29 Sep 2026 | 0.39 pp | 5.369 − 4.984 |
| 28 Sep 2026 | 0.36 pp | 5.413 − 5.057 |
Periods below zero
Runs of at least ten observations in a row below zero, newest first.
- 14 Jun 2023 to 25 Jul 2023: 30 observations, lowest −0.14 pp
About this indicator
- What it measures
- The 10-year Australian Government bond yield minus the 2-year yield.
- How it is calculated
- Calculated by us from RBA table F2 for each day both yields are available.
- How to read it
- Normally positive. An inverted curve means markets expect the cash rate to fall, often because they expect weaker growth.
- Caveats
- Australian long yields are heavily influenced by US Treasuries, so the slope is a weaker domestic signal than in the US.
- Frequency
- Daily
- Typical release
- Daily values, published by the RBA usually within a few business days.
Sources
- Australian Government 10 year bond View at the source (opens in a new tab)
- Australian Government 2 year bond View at the source (opens in a new tab)
Recent observations
Newest first. For a calculated figure, the source value it comes from is shown beside it.
| Period | Curve 10y-2y | Source value (FCMYGBAG10D − FCMYGBAG2D) | First recorded here |
|---|---|---|---|
| 14 Oct 2026 | 0.40 pp | 5.314 − 4.919 | 20 Oct 2026 |
| 13 Oct 2026 | 0.40 pp | 5.288 − 4.886 | 20 Oct 2026 |
| 12 Oct 2026 | 0.41 pp | 5.317 − 4.904 | 20 Oct 2026 |
| 9 Oct 2026 | 0.42 pp | 5.331 − 4.909 | 20 Oct 2026 |
| 8 Oct 2026 | 0.48 pp | 5.39 − 4.911 | 20 Oct 2026 |
| 7 Oct 2026 | 0.46 pp | 5.404 − 4.94 | 20 Oct 2026 |
| 6 Oct 2026 | 0.46 pp | 5.394 − 4.931 | 20 Oct 2026 |
| 2 Oct 2026 | 0.43 pp | 5.334 − 4.909 | 20 Oct 2026 |
| 1 Oct 2026 | 0.41 pp | 5.397 − 4.987 | 20 Oct 2026 |
| 30 Sep 2026 | 0.40 pp | 5.344 − 4.942 | 20 Oct 2026 |
| 29 Sep 2026 | 0.39 pp | 5.369 − 4.984 | 20 Oct 2026 |
| 28 Sep 2026 | 0.36 pp | 5.413 − 5.057 | 20 Oct 2026 |
| 25 Sep 2026 | 0.35 pp | 5.363 − 5.018 | 20 Oct 2026 |
| 24 Sep 2026 | 0.33 pp | 5.363 − 5.029 | 20 Oct 2026 |
| 23 Sep 2026 | 0.30 pp | 5.245 − 4.947 | 20 Oct 2026 |
| 22 Sep 2026 | 0.29 pp | 5.293 − 5.003 | 20 Oct 2026 |
| 21 Sep 2026 | 0.30 pp | 5.277 − 4.981 | 20 Oct 2026 |
| 18 Sep 2026 | 0.31 pp | 5.259 − 4.947 | 20 Oct 2026 |
| 17 Sep 2026 | 0.33 pp | 5.299 − 4.971 | 20 Oct 2026 |
| 16 Sep 2026 | 0.35 pp | 5.348 − 5 | 20 Oct 2026 |
| 15 Sep 2026 | 0.36 pp | 5.411 − 5.054 | 20 Oct 2026 |
| 14 Sep 2026 | 0.37 pp | 5.332 − 4.965 | 20 Oct 2026 |
| 11 Sep 2026 | 0.36 pp | 5.362 − 5.006 | 20 Oct 2026 |
| 10 Sep 2026 | 0.38 pp | 5.242 − 4.863 | 20 Oct 2026 |
Revisions
We record a revision when a value we already hold changes at the source. Tracking began on 20 Oct 2026, so revisions made before then are not shown, and figures are in the source's own units.
No revisions detected
No stored value has changed since tracking began.
Related indicators
Australia · Financial stress