Very confusing.

Centrelink have no idea on this.

From Services Australia at ...

https://www.servicesaustralia.gov.au/individuals/topics/financial-investments/27486

The value of your financial investments counts in the assets test and income test for payments from us.

What they are

We consider account based investments, market linked investments, and some income streams to be financial investments.

Account based investments include:

bank, building society and credit union accountscashterm depositspublic and private loans.

Market linked investments include:

managed investmentsshares and securitiesbonds, notes and debenturesgold, silver or platinum bullionsuperannuation if you’re over Age Pension age.

NB: According to the above bonds ARE included.

Many more details on the same page if you're interested.

Thank you, that is helpful.