Bond investors are signalling a looming recession as underwhelming gross domestic product figures and a 12th increase in interest rates stoke fears that Australia is headed towards a hard landing.

Bond yields flew to multi-month highs with the three-year government rate up 4 basis points to 3.69 per cent, a level last seen in October. The margin jumped 32 basis points in just four sessions. The 10-year rate topped 3.82 per cent, the highest in three months.