While RBNZ had negative rates on it radar for 2021, NZ10 Year Yields were around 0.555-0.6. With the RBNZ saying the economy is doing better than expected, holding rates and generally being more hawkish, yields have climbed to their highest since July hitting 0.909%. Meanwhile the RBA has cut rates, although this initially dampened AU 10 Year yields, they are back over 0.95 as of today. The upshot being that the marginal difference between the two neighbours has substantially decreased with the AUD/NZD pair tracking lower than it has for the last few months.