Graph 4  Lending to Businesses Not seasonally adjusted, break-adjusted $  Small business  Medium business  Large business  $  600  600  450  450  300  300  150  150  0  S D M J S D M S D M J S D M S D M J S D M 2019 2020 2021 2019 2020 2021 2019 2020 2021 Secured (other) Secured (residential property)  0  Unsecured Secured  Sources: APRA; RBA  Small businesses generally have few viable alternatives for external finance outside of traditional intermediated finance.
It is this combination of prudential governance and market conduct that has gotten us this far. As a community, we clearly value it. It is to our best interest to sustain and also find ways to enhance it. Final thoughts At the beginning of my remarks, I said I had TWO words… I have only given you one – DIVERGENCE.