Australia's banking system has undergone fundamental change since the 2019 Banking Royal Commission. For mid-market operating companies, the consequences have been significant and persistent.
Published by
Donald Klip | Co-Founder, Global Mortgage Group | Head, GMG Capital Advisory
30 years of institutional finance. Former hedge fund founder. Senior roles at top global investment banks. GMG Capital Advisory arranges private credit and special situations finance of $10M–$100M for operating companies across Asia Pacific.
[email protected] | +65 9773 0273 | Singapore · Hong Kong | Asia-Pacific
For operating companies in Australia, private credit has become the most reliable source of corporate capital when banks cannot serve the full structure.
The Banking Environment in Australia
The Banking Royal Commission exposed systemic misconduct across Australia's major banks and triggered a wholesale reassessment of credit culture and risk appetite. The big four — ANZ, CBA, NAB, and Westpac — responded by systematically tightening credit standards and reducing commercial lending exposure in favour of residential mortgages. Regional businesses outside major metro markets, and sectors including hospitality, retail, and property development, have been disproportionately affected. Minimum deal sizes at which major banks will commit dedicated relationship banking resources have risen substantially.
The Private Credit Opportunity
Australia's private credit market is the most developed in Asia Pacific outside Singapore. A growing number of domestic and international private credit lenders are active in the Australian mid-market, and deal volumes have grown consistently as bank credit has contracted. Private credit is particularly active in sectors where banks have imposed explicit restrictions: hospitality, real estate development, agribusiness, manufacturing, healthcare, and resource-adjacent industries. Cross-border structures — Australian companies with New Zealand or Southeast Asian operations — are a particular area where private credit outperforms bank alternatives.
GMG Capital Advisory in Australia
GMG Capital Advisory is active across the Australian market and has arranged private credit transactions for Australian-incorporated and Australian-operating businesses across a range of industries. We cover transactions from $10M to $100M across all major Australian sectors.
Australian mid-market businesses with strong asset backing and clear repayment plans are well-positioned to access private credit. The key is working with an arranger who has established relationships with lenders actively seeking Australian exposure.
About GMG Capital Advisory
Donald Klip | Co-Founder, Global Mortgage Group | Head, GMG Capital Advisory
Donald Klip has 30 years of institutional finance experience spanning hedge fund management and senior roles at the world’s top global investment banks. GMG Capital Advisory specialises in arranging and structuring corporate debt financing of $10M–$100M for operating companies, asset owners, and project sponsors where conventional bank lending is unavailable, insufficient, or too slow. We operate across 23+ jurisdictions in Asia Pacific.
www.gmg.asia | [email protected] | +65 9773 0273 | Singapore · Hong Kong
The Debt Desk
Corporate private credit intelligence for Asia Pacific’s $10M–$100M middle market. Published by GMG Capital Advisory. Part of the Private Credit Asia content series.
www.gmg.asia | Read all 41 articles in the series
