Due to pressure from the global bond market and expectations that the Bank of Australia may raise interest rates further, the yield on Australian 10-year treasury bonds rose to the highest level in 15 years. The 10-year Treasury yield once rose 9 basis points to 5.18%, the highest since July 2011. The 3-year Treasury yield rose 7 basis points to 4.73%. Andrew Ticehurst, senior interest rate strategist at Nomura Securities, said the sell-off appears to be the result of a combination of global and local factors.

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