Why rise in government debt is freaking out bond market

Melbourne, Mortgage holders know interest rates have risen over the past year, as the Reserve Bank of Australia lifted the cash rate to fight inflation. But mortgage holders are not alone: governments and business borrowers are facing the same pressure.Why rise in government debt is freaking out bond marketAustralia's government now has to offer investors more than 5 per cent on its 10-year bonds, which hit a 15-year high on Tuesday after a long period of low interest rates since the global financial crisis in 2008.In the United States, 10-year interest rates sit around 4.7 per cent, surging nearly half a per cent just this year, while the benchmark 30-year bond is near a two-decade high. In the UK, 10-year bond rates on Tuesday hit the highest level since the global financial crisis.Highe