Big issues are mounting for Australia, I would wait until the Federal Government mid year Econonic and Fiscal Outlook in December before committing to buy more hybrids. I certainly would not be buying the Alternative Tier 1 hybrids at current margins despite the recent sell off.
Australia's budget position will be impacted by falling commodity prices, particularly for coal and iron ore. If the budget position continues to deteriorate, remedial government action may be necessary to reduce spending or raise taxes.
Such action would likely see more weakness in hybrids as markets anticipate a slowing in economic activity. Fixed interest can exhibit a variety of risk profiles. The lowest risk corporate security on the ASX is the CBAHA, a senior unsecured floating rate note, and a good one to park some cash in if needed, otherwise look for some short term term deposits.