Australia’s government bond yield climbed to around 4.55%, reaching its highest level since mid-January, supported by fading hopes of further policy easing. Latest data showed that the manufacturing PMI rose to a three-month high in November, while job ads declined at a slower pace. This follows last week’s persistently high inflation report, with the RBA’s preferred measure of underlying price pressures exceeding expectations and moving away from the policymaker’s target. The strong data confirm that the central bank’s cycle of policy easing, following three rate cuts, has likely come to an end. Investors now see minimal probability of further cuts next year, while expectations are divided over a potential rate increase toward the end of 2026. Traders’ attention is turning to a raft of economic data this week, including key Q3 GDP figures, alongside RBA Governor Michele Bullock’s testimony before Parliament for clues on the policy outlook.