How dividends and super battered corporate bonds

The structure of Australia’s banking system, and the clear bias for equities over debt brought on by 1970-80s deregulation, mean the local corporate bond market will likely never rival that of its peers.

Reserve Bank Deputy Governor Philip Lowe’s speech on market-based financing on Tuesday sparked considerable interest, as any discussion of the absence of a developed corporate bond market generally does. What Lowe didn’t canvass, however, is why that market is so underdeveloped relative to similar jurisdictions elsewhere.

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