4  The Australian banking sector also continues to raise short-term debt offshore, including through US money market funds as well as foreign currency deposits from customers including foreign central banks. In part, this  BIS central bankers’ speeches  3  Graph 3  The slowdown in credit growth post-crisis has been particularly evident in the low growth of lending to businesses.
This is related to the second key development in the composition of Australian capital flows over recent years: an increase in net capital inflows directly to the corporate sector, rather than the funding being intermediated by the banking sector.