In addition, there’s the fact that the effect of the asset holdings on our balance sheet will become greater over time: as the size of our portfolio grows, so does the additional effect of a given purchase volume. As our asset holdings are high, they have become much less widely held than at the start of our purchase programme.
Australian government bond yields have been driven by the global developments. They haven't declined as much as US Treasuries, such that the spread between the 10 year yields is now slightly positive, having been negative over the past two years. At the time of writing, the Australian government can borrow for 10 years at 75 basis points.