Very Important question- interest rates

Hi everyone,

I was online researching the rates on the Australian Government Bonds for the 30 year period. The Bond has a yield of 3.722% (last update 13 Dec 2022 6:15 GMT+0).

This is where my question comes in. I am seeking to know if the Bond yield gives an indication of interest rates over the 30 year period. Does a correlation exist between the bond yield and interest rates?

Thank you for reading, I look foreword to hearing the responses.

Sincerely,

Charlie