This proposed amendment is required due to a data source prescribed in the Instrument becoming unavailable. Specifically, the Reserve Bank of Australia's (RBA)'s F16 data series, Indicative Mid Rates of Australian Government Securities, which was removed from the RBA’s website on 31 March 2023.
The consultation paper outlines the issue presented by the removal of the F16 data series, the legal powers used to amend the Instrument and our preferred alternative data sources.
In considering the amendment process, we note that the inclusion of the RBA’s F16 data series as the source for Commonwealth Government Security (CGS) yields was not a contested or controversial issue during the development of the 2022 Instrument and this amendment is driven by unique circumstances. Hence, we do not consider re-opening a comprehensive consultative process is necessary but acknowledge the importance of having a targeted consultation on this matter.