Australian bond futures prices are lower after European finance ministers announced they have reached a deal on a Greek bailout package.

At 1630 AEDT on Tuesday, the December 10-year bond futures contract was at 96.785 (implying a yield of 3.215 per cent), down from 96.815 (3.185 per cent), on Monday.

The December three-year bond futures contract was trading at 97.270 (2.730 per cent), down from 97.290 (2.710 per cent).

JP Morgan interest rate strategist Sally Auld said bond prices had begun the day higher, but fell after news from the meeting in Brussels.

"We rallied overnight because equities weren't doing so well, people were worried about the Greek bailout, and the issue of the US fiscal cliff came up again," she said.

"Then this morning, we heard that Greece was going to get its money, so that risk was taken out of the market."

In the early hours of Tuesday (European time), European finance ministers announced that up to 440 billion euros ($A550.03 billion) of bailout funds would be unlocked for Greece.

Ms Auld said Aussie bond prices would remain subdued until the release of capital expenditure data due on Thursday.

"There wasn't much reason for the market to rally, so now that equities are higher, we should see bonds remain close to where they are," she said.