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Australian Credit Review 2025: Marsupials and Monotremes

December 17 2025 3 mins

We entered 2025 with expectations of relatively flat bank volumes as funding normalised post the TFF wind down, continued momentum in RMBS/ABS supply albeit another record year seemed ambitious, and caution around corporate volumes given the light refinancing requirements after a record issuance year for domestic corporates in 2024. Despite this, 2025 has outperformed expectations with issuance volumes across the mix of AUD corporates, banks and securitisation of AUD213bn, only marginally below the record AUD215bn in 2024.

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