Australian corporates (particularly financial institutions) regularly issue debt in foreign currency, which is then swapped into Australian dollars. An active ‘kangaroo’ market (Australian dollar-denominated bonds issued by non-residents) provides natural counterparties to these swaps. Deep hedging markets allow Australian firms to hedge foreign currency risk relatively cheaply.
I assume this is the main reason why household and consumption-related firms do not feel any strong sense of a recovery at the present moment. Vigorous restructuring and the resulting recovery in the corporate sector is a precondition for sustainable growth, but it is highly likely that improvements in employment and income conditions and personal consumption will remain slow for some time to come.