At the same time, though, the financial system retains elements of its distinguishing characteristics: a heavy focus on state-owned banks providing credit to SOEs and relatively limited banking services for small to medium private businesses. The Build-up of Risk I would now like to turn to the risks that have built up in this system. The historical cross-country experience is reasonably clear.
Recently, much attention has also been paid to the availability of credit. This attention has coincided with a noticeable slowing in housing credit growth, especially to investors (Graph 10). https://www.rba.gov.au/speeches/2019/sp-gov-2019-03-06.html  10/18  3/7/2019  The Housing Market and the Economy | Speeches | RBA  Graph 10  It is clear there has been a progressive tightening in lending standards over recent years.