In part, this reflects the lower yields on government debt than on debt issued by the banking sector as well as the historically low level of interest rates both locally and globally at the moment.8  7  Debelle G (2014), “The Australian Bond Market”, Speech to the Economic Society of Australia, Canberra, 15 April.
8  These developments are discussed in Ma S (forthcoming), “Why has the Net Income Deficit Narrowed?”, RBA Bulletin, June.