On the other hand, the share of non-residents’ holdings of Australian corporate bonds remains at a historically high level as Australian corporates have continued to have good access to international bond markets.
It is concentrated among a small proportion of highly leveraged farms with around half of the dairy debt being held by only 10 percent of dairy farmers. Strong export earnings saw the sector’s debt to income ratio improve between 2010 and 2012, although for the decade as a whole this ratio tracked steadily upward (figure 10).