Moreover, it has also been reflected in the banks no longer being a conduit for capital flows into Australia, in contrast to their key role before the financial crisis. For the mining sector, plenty of funding was obtained from fixed income markets, although, following the sharp fall in commodity prices, resource companies have reduced their debts.
Non-mining corporations haven't stepped in to fill that breach as their investment demand remains modest. However, as is the case across a range of funding sources, finance appears to be readily available to credit-worthy firms in fixed income markets at favourable prices. Endnotes [*]  I thank Leon Berkelmans for invaluable assistance in preparing these remarks.