Bulletin – September 2011 The Australian Semi-government Bond Market Abstract

The semi-government bond market has grown rapidly in recent years, reflecting developments in state government financing needs, in particular increasing funding needs for infrastructure investment. The growth has increased the depth and liquidity of the market, and semi-government securities form an important part of the liquid holdings of Australian financial institutions. This article examines the semi-government bond market, highlighting the relationship between the market's development and its current structure.

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