RDP 2022-07: The Term Funding Facility: Has It Encouraged Business Lending? Appendix C: Full Results

Sharon Lai, Kevin Lane and Laura Nunn

December 2022

Table C1: Bank Credit Growth to SMEs Relative to Large Businesses
Equation (1)
  2020
Mar Apr May Jun Jul Aug Sep Oct Nov Dec
SME borrower −5.170
(4.025)		 −4.057
(3.945)		 −2.575
(4.128)		 −0.425
(4.721)		 0.444
(4.736)		 2.061
(4.961)		 2.063
(5.696)		 2.462
(5.580)		 2.547
(5.729)		 3.620
(5.798)
Constant 8.340**
(3.152)		 8.095**
(3.381)		 7.922**
(3.855)		 5.239
(4.080)		 4.847
(4.147)		 4.750
(4.478)		 5.665
(4.709)		 5.486
(5.023)		 4.595
(4.935)		 4.282
(4.926)
No of obs 80 80 80 80 80 80 80 80 80 80
R2 0.013 0.008 0.003 0.000 0.000 0.001 0.001 0.001 0.001 0.003
R2 adj 0.000 −0.005 −0.010 −0.013 −0.013 −0.012 −0.012 −0.011 −0.011 −0.010
  2021
Jan Feb Mar Apr May(a) Jun Jul Aug Sep Oct
SME borrower 2.691
(6.060)		 4.154
(6.207)		 5.371 (6.884) 3.743
(6.942)		 −6.468
(5.889)		 −3.136
(7.039)		 5.515
(12.028)		 6.470
(12.019)		 4.991
(11.682)		 4.930
(11.741)
Constant 4.560
(5.150)		 5.072
(5.256)		 7.508
(5.653)		 10.305
(8.364)		 5.087
(3.996)		 3.219
(4.087)		 4.565
(4.293)		 3.992
(4.101)		 4.442
(4.133)		 4.949
(4.322)
No of obs 80 79 79 79 57 58 57 58 58 58
R2 0.001 0.003 0.005 0.001 0.023 0.004 0.005 0.007 0.004 0.004
R2 adj −0.011 −0.010 −0.008 −0.012 0.005 −0.013 −0.013 −0.011 −0.014 −0.014

Notes: ***, ** and * denote statistical significance at the 1, 5 and 10 per cent levels, respectively. Standard errors are in parentheses.

Sources: APRA; Authors' calculations; RBA
Table C2: Bank Fixed-term Credit Growth to SMEs Relative to Large Businesses
Equation (1)
  2020
Mar Apr May Jun Jul Aug Sep Oct Nov Dec
SME borrower −1.231
(4.958)		 0.822
(5.526)		 0.051
(5.675)		 −5.707
(5.513)		 −6.269
(5.451)		 −7.178
(5.737)		 −5.419
(6.372)		 −5.195
(6.428)		 −3.083
(6.701)		 −4.981
(6.809)
Constant 4.189**
(1.597)		 2.521
(1.707)		 4.023**
(1.970)		 5.039*
(2.679)		 5.414*
(2.727)		 4.750
(2.820)		 4.601
(3.188)		 4.107
(3.144)		 2.408
(3.651)		 3.601
(3.990)
No of obs 55 55 55 55 55 55 55 55 55 55
R2 0.001 0.000 0.000 0.020 0.024 0.030 0.015 0.013 0.004 0.010
R2 adj −0.018 −0.018 −0.019 0.002 0.005 0.012 −0.004 −0.005 −0.015 −0.009
  2021
Jan Feb Mar Apr May Jun Jul Aug Sep Oct
SME borrower −5.059
(6.771)		 −4.439
(6.772)		 −3.880
(6.859)		 −3.785
(6.930)		 −3.744
(7.282)		 −1.015
(7.677)		 −5.340
(8.330)		 −4.250
(8.494)		 −4.978
(8.611)		 −4.946
(8.810)
Constant 2.851
(3.802)		 3.135
(3.867)		 3.242
(3.864)		 2.551
(3.929)		 2.854
(3.935)		 1.000
(4.141)		 2.109
(4.588)		 1.583
(4.416)		 2.263
(4.726)		 2.168
(4.875)
No of obs 55 55 55 55 54 55 54 55 55 55
R2 0.011 0.009 0.007 0.006 0.006 0.000 0.009 0.006 0.007 0.007
R2 adj −0.008 −0.010 −0.012 −0.013 −0.013 −0.018 −0.010 −0.013 −0.011 −0.012

Notes: ***, ** and * denote statistical significance at the 1, 5 and 10 per cent levels, respectively. Standard errors are in parentheses.

Sources: APRA; Authors' calculations; RBA
Table C3: Placebo Test – Bank Credit Growth to Small Businesses Relative to Medium Businesses
  2020
Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Small business borrower 52.948
(45.128)		 68.169
(56.327)		 3.535
(20.852)		 0.768
(17.719)		 7.872
(23.371)		 −2.182
(23.386)		 −8.151
(23.576)		 −4.124
(31.003)		 0.222
(30.739)		 0.476
(30.763)
Constant −2.537
(3.887)		 −1.522
(3.417)		 0.705
(3.254)		 −1.128
(3.544)		 −1.733
(3.545)		 −0.948
(4.130)		 0.326
(4.558)		 0.600
(4.551)		 −1.192
(4.572)		 −1.278
(4.610)
No of obs 49 49 49 49 49 49 49 49 49 49
R2 0.034 0.037 0.001 0.000 0.003 0.000 0.003 0.000 0.000 0.000
R2 adj 0.013 0.017 −0.021 −0.021 −0.018 −0.021 −0.018 −0.021 −0.021 −0.021
  2021
Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Small business borrower −30.814**
(12.049)		 −32.353**
(11.955)		 −34.220***
(11.958)		 −32.607***
(11.109)		 −31.329***
(11.184)		 −31.273***
(11.058)		 −40.440***
(14.116)		 −39.569**
(14.245)		 −39.691***
(14.p234)		 −32.238*
(16.977)
Constant −2.137
(4.578)		 −0.769
(4.373)		 0.860
(4.600)		 −0.358
(3.986)		 0.940
(4.101)		 2.592
(4.852)		 12.095
(9.885)		 12.612
(10.021)		 11.624
(9.878)		 12.031
(9.923)
No of obs 49 49 49 49 49 49 49 49 49 49
R2 0.145 0.161 0.176 0.169 0.156 0.145 0.140 0.129 0.133 0.072
R2 adj 0.127 0.143 0.158 0.151 0.138 0.126 0.122 0.111 0.114 0.052

Notes: ***, ** and * denote statistical significance at the 1, 5 and 10 per cent levels, respectively. Standard errors are in parentheses.

Sources: APRA; Authors' calculations; RBA
Table C4: Bank Credit Growth to SMEs Relative to Large Businesses – Industry-level Model
Equation (2), fixed effects: bank x industry
  2020
Mar Apr May Jun Jul Aug Sep Oct Nov Dec
SME borrower −15.483**
(6.058)		 −16.486**
(6.578)		 −11.858*
(6.748)		 −6.569
(5.854)		 −2.283
(5.971)		 −5.608
(6.957)		 −0.101
(9.702)		 −0.724
(10.018)		 −1.128
(10.706)		 −0.760
(11.081)
No of obs 218 218 218 218 218 218 217 217 217 217
R2 0.988 0.993 0.993 0.764 0.710 0.671 0.692 0.690 0.697 0.704
R2 adj 0.969 0.983 0.982 0.406 0.269 0.171 0.227 0.222 0.238 0.258
  2021
Jan Feb Mar Apr May Jun Jul Aug Sep Oct
SME borrower −1.839
(11.276)		 −1.552
(11.585)		 −3.349
(11.206)		 −6.608
(12.048)		 −4.705
(12.850)		 −2.204
(13.677)		 −3.105
(15.213)		 −1.793
(16.595)		 −19.452
(25.510)		 −19.582
(27.156)
No of obs 217 217 217 217 213 217 213 217 216 216
R2 0.633 0.644 0.650 0.621 0.601 0.642 0.580 0.564 0.513 0.511
R2 adj 0.078 0.105 0.120 0.048 0.016 0.101 −0.035 −0.094 −0.231 −0.236

Notes: ***, ** and * denote statistical significance at the 1, 5 and 10 per cent levels, respectively. Standard errors are in parentheses.

Sources: APRA; Authors' calculations; RBA
Table C5: Bank Credit Growth to SMEs Relative to Large Businesses – Industry-level Model
Equation (2), fixed effects: bank
  2020
Mar Apr May Jun Jul Aug Sep Oct Nov Dec
SME borrower −31.037**
(13.583)		 −35.546**
(17.326)		 −29.595*
(17.126)		 −10.181**
(4.569)		 −5.800
(4.795)		 −8.596
(6.528)		 −2.778
(9.396)		 −3.518
(9.708)		 −4.163
(10.466)		 −3.766
(10.825)
No of obs 218 218 218 218 218 218 217 217 217 217
R2 0.235 0.202 0.205 0.217 0.198 0.150 0.174 0.185 0.205 0.212
R2 adj 0.098 0.059 0.063 0.077 0.054 −0.002 0.026 0.038 0.062 0.070
  2021
Jan Feb Mar Apr May Jun Jul Aug Sep Oct
SME borrower −1.300
(10.574)		 −0.743
(10.848)		 −2.601
(10.495)		 −5.765
(11.278)		 −3.850
(12.073)		 −2.827
(12.979)		 −0.571
(14.604)		 1.070
(15.935)		 −18.126
(25.791)		 −18.699
(27.391)
No of obs 217 217 217 217 213 217 213 217 216 216
R2 0.243 0.258 0.264 0.259 0.246 0.234 0.251 0.249 0.173 0.168
R2 adj 0.107 0.124 0.131 0.125 0.112 0.096 0.118 0.113 0.023 0.017

Notes: ***, ** and * denote statistical significance at the 1, 5 and 10 per cent levels, respectively. Standard errors are in parentheses.

Sources: APRA; Authors' calculations; RBA
Table C6: Bank Credit Growth to SMEs Relative to Large Businesses – Industry-level Model
Equation (2), fixed effects: industry
  2020
Mar Apr May Jun Jul Aug Sep Oct Nov Dec
SME borrower −40.257*
(21.489)		 −47.930
(28.749)		 −42.872
(28.738)		 −11.217**
(4.389)		 −6.681
(4.738)		 −8.829
(6.158)		 −5.770
(9.902)		 −6.170
(10.278)		 −6.066
(11.215)		 −4.899
(11.654)
No of obs 218 218 218 218 218 218 217 217 217 217
R2 0.025 0.021 0.019 0.041 0.041 0.050 0.047 0.045 0.035 0.032
R2 adj 0.007 0.003 0.001 0.023 0.023 0.032 0.029 0.027 0.017 0.014
  2021
Jan Feb Mar Apr May Jun Jul Aug Sep Oct
SME borrower −2.806
(11.611)		 −2.230
(12.005)		 −4.270
(11.567)		 −5.460
(12.257)		 −4.321
(13.062)		 −5.350
(14.147)		 −3.002
(15.160)		 −1.681
(16.447)		 −14.712
(21.172)		 −15.256
(22.392)
No of obs 217 217 217 217 213 217 213 217 216 216
R2 0.034 0.035 0.035 0.021 0.017 0.021 0.028 0.023 0.020 0.021
R2 adj 0.016 0.017 0.017 0.002 −0.002 0.003 0.009 0.004 0.001 0.002

Notes: ***, ** and * denote statistical significance at the 1, 5 and 10 per cent levels, respectively. Standard errors are in parentheses.

Sources: APRA; Authors' calculations; RBA
Table C7: Weighted Regression – Bank Credit Growth to SMEs Relative to Large Businesses
  2020
Mar Apr May Jun Jul Aug Sep Oct Nov Dec
SME borrower −9.106***
(1.051)		 −9.599***
(0.976)		 −6.871***
(1.006)		 −2.861**
(1.197)		 −2.503*
(1.438)		 −1.724
(1.480)		 −1.611
(1.723)		 −0.785
(1.861)		 −0.734
(1.955)		 −1.604
(2.051)
Constant 8.882***
(1.204)		 9.189***
(1.111)		 6.832***
(1.154)		 3.929***
(1.021)		 2.400*
(1.304)		 1.466
(1.324)		 1.120
(1.424)		 0.268
(1.460)		 −0.281
(1.546)		 0.142
(1.613)
No of obs 84 84 84 84 84 84 84 84 84 84
R2 0.328 0.362 0.196 0.017 0.012 0.005 0.004 0.001 0.001 0.003
R2 adj 0.320 0.354 0.186 0.005 0.000 −0.007 −0.008 −0.011 −0.011 −0.009
  2021
Jan Feb Mar Apr May Jun Jul Aug Sep Oct
SME borrower −2.154
(2.259)		 −2.176
(2.363)		 −3.449
(2.356)		 −2.864
(2.594)		 −4.108
(2.986)		 −3.197
(3.330)		 −5.541
(3.752)		 −5.687
(3.723)		 −6.896
(4.206)		 −7.232
(4.757)
Constant 0.348
(1.800)		 0.607
(1.974)		 2.389
(2.035)		 1.936
(2.268)		 1.822
(2.485)		 2.849
(2.637)		 4.677
(2.864)		 5.053
(3.013)		 6.354**
(3.118)		 6.957**
(3.129)
No of obs 84 83 83 83 61 62 61 62 62 62
R2 0.005 0.005 0.008 0.007 0.018 0.009 0.027 0.026 0.037 0.031
R2 adj −0.007 −0.007 −0.004 −0.005 0.001 −0.008 0.010 0.009 0.021 0.015

Notes: Weighted by each bank's level of business credit in the base period. ***, ** and * denote statistical significance at the 1, 5 and 10 per cent levels, respectively. Standard errors are in parentheses.

Sources: APRA; Authors' calculations; RBA
Table C8: Weighted Regression – Bank Credit Growth to SMEs Relative to Large Businesses – Industry-level Model
Fixed effects: bank x industry
  2020
Mar Apr May Jun Jul Aug Sep Oct Nov Dec
SME borrower −8.149***
(1.225)		 −9.801***
(1.490)		 −8.162***
(1.389)		 −4.908***
(1.610)		 −5.383***
(1.660)		 −5.461***
(1.965)		 −4.946**
(2.095)		 −4.086*
(2.382)		 −4.610**
(2.017)		 −5.880**
(2.196)
No of obs 228 228 228 228 228 228 227 227 227 227
R2 0.789 0.761 0.716 0.736 0.724 0.674 0.714 0.708 0.708 0.691
R2 adj 0.455 0.384 0.268 0.318 0.289 0.158 0.266 0.251 0.251 0.205
  2021
Jan Feb Mar Apr May Jun Jul Aug Sep Oct
SME borrower −6.215**
(2.443)		 −6.563***
(2.381)		 −7.823***
(2.240)		 −8.026***
(2.367)		 −7.401***
(2.614)		 −7.275**
(2.890)		 −9.949***
(3.201)		 −10.231***
(3.018)		 −11.743***
(3.656)		 −12.139***
(4.352)
No of obs 227 226 227 227 223 227 223 227 226 226
R2 0.689 0.703 0.671 0.713 0.711 0.714 0.690 0.688 0.672 0.653
R2 adj 0.201 0.232 0.156 0.263 0.270 0.264 0.217 0.200 0.152 0.102

Notes: Weighted by each institution's level of business credit in the base period. ***, ** and * denote statistical significance at the 1, 5 and 10 per cent levels, respectively. Standard errors are in parentheses.

Sources: APRA; Authors' calculations; RBA
Table C9: Weighted Regression – Fixed-term Bank Credit Growth to SMEs Relative to Large Businesses
Fixed effects: bank x industry
  2020
Mar Apr May Jun Jul Aug Sep Oct Nov Dec
SME borrower −6.579***
(0.955)		 −6.247***
(1.349)		 −4.531***
(1.456)		 −2.756**
(1.123)		 −2.822*
(1.579)		 −2.462
(1.777)		 −1.958
(2.143)		 −0.613
(2.213)		 −0.468
(2.332)		 −1.986
(2.802)
Constant 6.416***
(0.783)		 6.061***
(1.243)		 5.048***
(1.328)		 4.306***
(0.930)		 3.606**
(1.490)		 3.058*
(1.642)		 2.318
(1.932)		 1.116
(2.023)		 0.765
(2.157)		 2.042
(2.731)
No of obs 55 55 55 55 55 55 55 55 55 55
R2 0.408 0.267 0.156 0.060 0.050 0.030 0.015 0.001 0.001 0.009
R2 adj 0.397 0.253 0.140 0.042 0.032 0.012 −0.004 −0.017 −0.018 −0.009
  2021
Jan Feb Mar Apr May Jun Jul Aug Sep Oct
SME borrower −2.286
(2.881)		 −2.143
(2.843)		 −3.089
(3.090)		 −2.944
(3.171)		 −2.332
(3.465)		 −2.246
(3.670)		 −4.628
(4.149)		 −4.790
(4.138)		 −5.838
(4.715)		 −5.512
(5.492)
Constant 2.020
(2.806)		 1.987
(2.813)		 3.184
(3.067)		 3.094
(3.244)		 2.691
(3.460)		 4.184
(3.570)		 6.176
(3.804)		 6.719
(4.043)		 7.913*
(4.431)		 8.013
(4.884)
No of obs 55 55 55 55 54 55 54 55 55 55
R2 0.012 0.011 0.020 0.017 0.011 0.009 0.034 0.034 0.043 0.035
R2 adj −0.006 −0.008 0.002 −0.001 −0.008 −0.010 0.015 0.015 0.025 0.017

Notes: Weighted by each bank's level of business credit in the base period. ***, ** and * denote statistical significance at the 1, 5 and 10 per cent levels, respectively. Standard errors are in parentheses.

Sources: APRA; Authors' calculations; RBA
Table C10: Bank Credit Growth to SMEs Relative to Large Businesses – with Bank Characteristics
Equation (3)
  (1) (2) (3) (4) (5) (6) (7) (8)
SME borrower 78.036
(100.926)		 13.723*
(8.188)		 12.408
(12.816)		 3.267
(17.589)		 17.363
(12.500)		 −120.931**
(47.154)		 −152.743*
(73.749)		 20.895
(70.553)
Log total assets −5.695
(6.050)		              
SME borrower x log total assets −3.191
(4.069)		              
Provisions ratio   42.523*
(24.838)		            
SME borrower x provisions ratio   −35.384**
(15.411)		            
Liquidity ratio     1.242
(1.265)		          
SME borrower x liquidity ratio     −0.457
(0.752)		          
Net interest income ratio       0.192
(0.413)		        
SME borrower x net interest income ratio       0.011
(0.265)		        
Funding costs ratio         30.394
(19.747)		      
SME borrower x funding costs ratio         −25.885
(17.952)		      
Common equity tier 1 capital ratio           −7.720***
(1.978)		    
SME borrower x common equity tier 1 capital ratio           10.734**
(3.913)		    
Total tier 1 capital ratio             −9.347***
(2.273)		  
SME borrower x total tier 1 capital ratio             12.190**
(5.096)		  
Leverage to total tier 1 capital               −1.423
(5.906)
SME borrower x leverage to total tier 1 capital               0.485
(6.913)
Constant 143.225
(149.838)		 −1.529
(6.999)		 −11.015
(15.571)		 −3.279
(21.351)		 −5.479
(11.012)		 89.750***
(21.638)		 122.042***
(35.462)		 −1.814
(59.743)
No of obs 78 78 78 78 78 21 21 21
R2 0.080 0.029 0.040 0.012 0.019 0.319 0.289 0.124
R2 adj 0.043 −0.010 0.002 −0.028 −0.020 0.199 0.163 −0.031

Notes: ***, ** and * denote statistical significance at the 1, 5 and 10 per cent levels, respectively. Standard errors are in parentheses.

Sources: APRA; Authors' calculations; RBA
Table C11: Bank Credit Growth to SMEs Relative to Large Businesses – Two-way Fixed Effects Model
Equation (4)
  (1)
SME borrower x TFF −0.118
(0.087)
No of obs 1,863
R2 0.716
R2 adj 0.704
Fixed effects: bank  
Fixed effects: period  

Note: Standard errors are in parentheses.

Sources: APRA; Authors' calculations; RBA
Table C12: Bank Credit Growth to SMEs Relative to Large Businesses and for Banks Relative to Non-banks
Equation (5)
  2020
Mar Apr May Jun Jul Aug Sep Oct Nov Dec
SME borrower 6.258*
(3.476)		 12.971**
(5.169)		 13.858**
(5.875)		 19.144***
(6.865)		 24.368***
(8.278)		 23.737***
(7.804)		 24.477***
(8.113)		 15.692*
(8.431)		 16.828
(10.535)		 19.408*
(10.209)
Bank 12.680**
(5.097)		 12.776*
(6.416)		 16.865**
(7.559)		 18.772**
(8.978)		 23.911**
(9.881)		 24.501**
(9.957)		 26.802**
(10.589)		 24.033**
(11.425)		 26.573*
(13.561)		 27.253**
(13.564)
SMEborrower x bank −11.522**
(5.341)		 −17.121**
(6.520)		 −16.530**
(7.199)		 −19.663**
(8.352)		 −24.016**
(9.554)		 −21.761**
(9.265)		 −22.498**
(9.934)		 −13.313
(10.130)		 −14.372
(12.013)		 −15.876
(11.762)
Constant −4.246
(3.986)		 −4.588
(5.438)		 −8.846
(6.483)		 −13.438*
(7.980)		 −18.973**
(8.954)		 −19.666**
(8.879)		 −21.053**
(9.469)		 −18.464*
(10.247)		 −21.887*
(12.616)		 −22.883*
(12.624)
No of obs 99 99 99 99 99 99 99 99 97 97
R2 0.031 0.026 0.034 0.038 0.055 0.053 0.059 0.053 0.054 0.054
R2 adj 0.001 −0.005 0.003 0.008 0.025 0.023 0.029 0.023 0.023 0.023
  2021
Jan Feb Mar Apr May Jun Jul Aug Sep Oct
SME borrower 20.970**
(10.216)		 20.763*
(10.529)		 22.302**
(10.820)		 20.811*
(11.946)		 20.259
(12.108)		 23.533
(14.313)		 19.820
(13.637)		 16.020
(14.256)		 17.156
(13.541)		 18.480
(13.509)
Bank 28.993**
(14.025)		 29.559**
(14.541)		 37.323**
(16.586)		 28.486
(17.602)		 22.051
(16.208)		 22.798
(18.453)		 21.207
(19.315)		 18.956
(19.824)		 20.527
(19.416)		 22.170
(19.462)
SMEborrower x bank −18.363
(11.900)		 −16.688
(12.244)		 −17.010
(12.850)		 −17.142
(13.841)		 −26.727*
(13.486)		 −26.760
(15.974)		 −14.305
(18.245)		 −9.666
(18.715)		 −12.290
(17.953)		 −13.670
(17.967)
Constant −24.349*
(13.031)		 −24.409*
(13.545)		 −29.736*
(15.579)		 −18.107
(15.455)		 −16.964
(15.699)		 −19.488
(17.990)		 −16.642
(18.823)		 −14.847
(19.387)		 −15.961
(18.961)		 −17.102
(18.965)
No of obs 97 96 96 94 72 73 72 73 73 73
R2 0.054 0.058 0.078 0.028 0.063 0.055 0.033 0.030 0.030 0.033
R2 adj 0.023 0.028 0.048 −0.004 0.022 0.014 −0.010 −0.012 −0.012 −0.009

Notes: ***, ** and * denote statistical significance at the 1, 5 and 10 per cent levels, respectively. Standard errors are in parentheses.

Sources: APRA; Authors' calculations; RBA
Table C13: Business Credit Growth for Banks Relative to Non-banks
Equation (6)
  2020
Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Bank 14.282***
(5.140)		 10.478**
(4.072)		 9.938**
(4.065)		 12.825**
(6.197)		 −1.875
(9.185)		 −0.956
(8.542)		 6.679
(6.473)		 5.086
(7.545)		 14.151**
(6.955)		 1.930
(7.447)
Constant −1.324
(2.435)		 −6.279**
(2.903)		 −5.771**
(2.815)		 −2.660
(3.218)		 5.305
(8.328)		 4.530
(7.443)		 0.589
(4.604)		 −0.190
(5.720)		 −0.971
(3.816)		 3.680
(5.465)
No of obs 162 162 162 162 162 162 162 162 162 162
R2 0.024 0.029 0.025 0.014 0.000 0.000 0.005 0.002 0.014 0.000
R2 adj 0.018 0.023 0.019 0.008 −0.006 −0.006 −0.001 −0.004 0.008 −0.006
  2021
Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Bank 0.589
(8.639)		 0.660
(7.604)		 −0.472
(12.406)		 1.888
(9.626)		 9.760
(12.470)		 −2.876
(15.083)		 −1.003
(17.154)		 −5.111
(18.286)		 11.234
(21.462)		 −3.816
(16.638)
Constant 4.929
(6.628)		 5.014
(5.188)		 12.070
(10.216)		 6.261
(6.294)		 10.573
(8.412)		 17.416
(12.497)		 18.836
(14.621)		 22.898
(15.673)		 23.876
(15.064)		 21.975
(13.673)
No of obs 162 162 162 162 162 162 162 162 162 162
R2 0.000 0.000 0.000 0.000 0.003 0.000 0.000 0.001 0.001 0.000
R2 adj −0.006 −0.006 −0.006 −0.006 −0.004 −0.006 −0.006 −0.006 −0.005 −0.006

Notes: ***, ** and * denote statistical significance at the 1, 5 and 10 per cent levels, respectively. Standard errors are in parentheses.

Sources: APRA; Authors' calculations; RBA
Table C14: SME Business Credit Growth for Banks Relative to Non-banks
Equation (6)
  2020
Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Bank 1.257
(4.747)		 −3.733
(6.962)		 1.385
(7.120)		 0.453
(7.765)		 5.363
(10.781)		 8.001
(11.200)		 9.723
(11.590)		 16.144*
(9.423)		 17.947*
(10.487)		 21.314
(14.593)
Constant 2.012
(2.567)		 8.382
(5.679)		 5.011
(5.800)		 5.706
(6.253)		 5.396
(7.880)		 4.071
(8.115)		 3.424
(8.423)		 −2.772
(4.908)		 −5.059
(6.428)		 −3.475
(8.189)
No of obs 52 52 52 52 52 52 52 52 51 51
R2 0.001 0.004 0.001 0.000 0.003 0.005 0.007 0.021 0.022 0.015
R2 adj −0.019 −0.016 −0.019 −0.020 −0.017 −0.015 −0.013 0.001 0.002 −0.005
  2021
Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Bank 20.574
(14.676)		 23.276
(15.249)		 31.366*
(17.922)		 22.186
(16.662)		 15.806
(22.716)		 18.613
(24.801)		 31.556
(28.305)		 57.965
(51.156)		 59.414
(53.571)		 61.806
(55.666)
Constant −3.379
(8.272)		 −3.646
(8.468)		 −7.434
(11.731)		 2.704
(8.378)		 3.295
(8.517)		 4.045
(8.570)		 3.178
(9.128)		 1.172
(9.984)		 1.195
(10.019)		 1.378
(10.081)
No of obs 51 50 50 49 36 36 36 36 36 36
R2 0.014 0.017 0.026 0.011 0.005 0.006 0.013 0.013 0.012 0.012
R2 adj −0.006 −0.004 0.006 −0.010 −0.024 −0.023 −0.016 −0.016 −0.017 −0.017

Notes: ***, ** and * denote statistical significance at the 1, 5 and 10 per cent levels, respectively. Standard errors are in parentheses.

Sources: APRA; Authors' calculations; RBA
Table C15: Large Business Credit Growth for Banks Relative to Non-banks
Equation (6)
  2020
Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Bank 11.282**
(4.908)		 15.906**
(6.657)		 19.013**
(7.403)		 20.379**
(8.456)		 24.704***
(9.073)		 25.299***
(9.143)		 27.405***
(9.680)		 24.940**
(10.504)		 27.524**
(12.217)		 28.269**
(12.200)
Constant −2.778
(3.801)		 −7.927
(5.787)		 −11.747*
(6.381)		 −15.968**
(7.472)		 −20.855**
(8.131)		 −21.414**
(8.038)		 −22.497**
(8.497)		 −20.449**
(9.270)		 −24.071**
(11.189)		 −24.998**
(11.184)
No of obs 51 51 51 51 51 51 51 51 50 50
R2 0.051 0.082 0.090 0.091 0.122 0.113 0.117 0.088 0.095 0.101
R2 adj 0.032 0.063 0.072 0.072 0.104 0.095 0.099 0.069 0.076 0.082
  2021
Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Bank 29.730**
(12.583)		 30.421**
(12.976)		 37.235**
(14.672)		 28.251*
(15.470)		 21.555
(13.914)		 21.921
(15.800)		 20.001
(16.537)		 17.421
(16.953)		 18.356
(16.630)		 19.844
(16.692)
Constant −26.305**
(11.508)		 −26.069**
(11.905)		 −30.578**
(13.595)		 −18.815
(13.203)		 −17.711
(13.364)		 −19.943
(15.298)		 −16.921
(16.003)		 −14.652
(16.481)		 −15.022
(16.142)		 −15.764
(16.171)
No of obs 50 50 50 49 40 41 40 41 41 41
R2 0.102 0.104 0.129 0.039 0.101 0.090 0.072 0.055 0.062 0.069
R2 adj 0.084 0.085 0.111 0.019 0.078 0.067 0.047 0.031 0.038 0.045

Notes: ***, ** and * denote statistical significance at the 1, 5 and 10 per cent levels, respectively. Standard errors are in parentheses.

Sources: APRA; Authors' calculations; RBA
Table C16: Fixed-term Business Credit Growth for Banks Relative to Non-banks
Equation (6)
  2020
Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Bank 9.780
(8.031)		 8.988
(8.053)		 1.664
(3.673)		 8.805
(8.505)		 8.251
(8.709)		 7.707
(8.739)		 8.356
(8.877)		 1.833
(4.700)		 0.741
(5.708)		 0.181
(6.124)
Constant −5.442
(7.904)		 −6.291
(7.823)		 1.843
(3.078)		 −5.184
(8.207)		 −5.094
(8.387)		 −5.808
(8.444)		 −6.116
(8.436)		 0.031
(3.801)		 −0.483
(4.828)		 0.524
(5.108)
No of obs 45 45 45 45 45 45 45 45 44 44
R2 0.068 0.053 0.005 0.043 0.036 0.032 0.033 0.003 0.000 0.000
R2 adj 0.047 0.031 −0.018 0.021 0.014 0.010 0.010 −0.020 −0.023 −0.024
  2021
Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Bank −0.323
(6.257)		 −0.696
(6.562)		 3.343
(10.124)		 −7.327
(6.093)		 −8.132
(6.261)		 −10.807
(6.556)		 −11.888
(7.422)		 −10.513
(8.481)		 −10.652
(8.836)		 −11.501
(9.081)
Constant 0.623
(5.346)		 0.916
(5.701)		 −2.612
(9.556)		 7.465
(5.020)		 8.403
(5.267)		 10.641*
(5.540)		 11.597*
(6.346)		 10.332
(7.589)		 10.925
(7.861)		 11.556
(8.114)
No of obs 44 44 44 43 42 43 42 43 43 43
R2 0.000 0.000 0.004 0.029 0.038 0.058 0.059 0.042 0.039 0.043
R2 adj −0.024 −0.024 −0.020 0.006 0.014 0.035 0.036 0.019 0.015 0.020

Notes: ***, ** and * denote statistical significance at the 1, 5 and 10 per cent levels, respectively. Standard errors are in parentheses.

Sources: APRA; Authors' calculations; RBA
Table C17: Weighted Regression – Business Credit Growth for Banks Relative to Non-banks
  2020
Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Bank 4.332***
(1.544)		 5.564***
(1.483)		 5.859***
(1.871)		 5.337***
(1.954)		 4.522*
(2.539)		 4.018
(2.688)		 4.170
(2.823)		 3.100
(2.811)		 2.998
(3.349)		 2.945
(3.426)
Constant 1.009
(1.245)		 −0.092
(1.248)		 −1.518
(1.702)		 −2.061
(1.829)		 −2.577*
(2.397)		 −2.640
(2.540)		 −2.854
(2.648)		 −2.246
(2.606)		 −2.546
(3.166)		 −2.422
(3.220)
No of obs 162 162 162 162 162 162 162 162 162 162
R2 0.022 0.044 0.047 0.026 0.014 0.010 0.010 0.005 0.004 0.004
R2 adj 0.016 0.038 0.041 0.020 0.008 0.004 0.004 −0.001 −0.002 −0.003
  2021
Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Bank 2.962
(3.550)		 2.408
(3.787)		 5.603
(5.684)		 4.302
(5.902)		 2.953
(6.063)		 3.006
(6.296)		 4.106
(6.664)		 3.988
(7.212)		 4.090
(7.261)		 4.194
(7.380)
Constant −2.475
(3.294)		 −1.632
(3.485)		 −3.488
(5.448)		 −2.378
(5.632)		 −0.961
(5.775)		 0.564
(5.965)		 0.394
(6.347)		 0.904
(6.882)		 1.713
(6.922)		 2.107
(7.050)
No of obs 162 162 162 162 162 162 162 162 162 162
R2 0.003 0.002 0.007 0.004 0.002 0.001 0.002 0.002 0.002 0.002
R2 adj −0.003 −0.004 0.001 −0.002 −0.005 −0.005 −0.004 −0.004 −0.004 −0.004

Notes: Weighted by each institution's level of business credit in the base period. ***, ** and * denote statistical significance at the 1, 5 and 10 per cent levels, respectively. Standard errors are in parentheses.

Sources: APRA; Authors' calculations; RBA
Table C18: Weighted Regression – Fixed-term Business Credit Growth for Banks Relative to Non-banks
  2020
Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Bank 5.941
(5.091)		 6.627
(4.933)		 2.418
(2.809)		 5.622
(5.518)		 4.871
(5.780)		 5.191
(5.914)		 4.941
(5.945)		 0.584
(3.812)		 1.254
(4.754)		 0.752
(5.004)
Constant −2.150
(5.078)		 −3.486
(4.903)		 0.511
(2.746)		 −2.604
(5.498)		 −2.580
(5.729)		 −3.280
(5.843)		 −3.535
(5.842)		 0.250
(3.617)		 −0.703
(4.574)		 0.366
(4.731)
No of obs 45 45 45 45 45 45 45 45 44 44
R2 0.045 0.059 0.018 0.034 0.022 0.024 0.017 0.000 0.001 0.000
R2 adj 0.023 0.037 −0.005 0.011 0.000 0.001 −0.005 −0.023 −0.023 −0.023
  2021
Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Bank 0.333
(5.246)		 −0.265
(5.574)		 3.928
(9.481)		 −6.600
(4.752)		 −7.874
(4.766)		 −8.804*
(4.952)		 −9.196
(5.478)		 −7.435
(7.197)		 −7.763
(7.554)		 −8.078
(7.797)
Constant 0.622
(4.952)		 1.255
(5.272)		 −2.185
(9.267)		 8.321**
(4.039)		 9.476**
(4.193)		 11.941***
(4.331)		 13.206**
(4.931)		 11.918*
(6.708)		 12.951*
(7.010)		 13.518*
(7.194)
No of obs 44 44 44 43 42 43 42 43 43 43
R2 0.000 0.000 0.006 0.024 0.035 0.038 0.041 0.023 0.022 0.022
R2 adj −0.024 −0.024 −0.017 0.000 0.011 0.014 0.018 −0.001 −0.002 −0.002

Notes: Weighted by each institution's level of business credit in the base period. ***, ** and * denote statistical significance at the 1, 5 and 10 per cent levels, respectively. Standard errors are in parentheses.

Sources: APRA; Authors' calculations; RBA
Table C19: Business Credit Growth for Banks that Accessed the TFF Relative to Banks that Did Not
Equation (7)
  2020
Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Accessed TFF −28.358*
(15.274)		 4.467
(5.855)		 4.191
(6.135)		 −15.265
(16.060)		 7.140
(7.068)		 5.845
(8.082)		 −0.730
(6.917)		 8.755
(8.910)		 −22.048
(15.489)		 5.642
(8.706)
Constant 32.773**
(14.987)		 −0.960
(4.961)		 −0.893
(5.269)		 18.230
(15.655)		 −5.522
(6.216)		 −4.563
(7.206)		 3.674
(5.395)		 −5.935
(7.674)		 25.700*
(14.795)		 −2.661
(7.516)
No of obs 111 111 111 111 111 111 111 111 111 111
R2 0.068 0.005 0.004 0.017 0.010 0.005 0.000 0.009 0.032 0.004
R2 adj 0.059 −0.004 −0.005 0.008 0.001 −0.004 −0.009 0.000 0.023 −0.005
  2021
Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Accessed TFF 4.625
(9.100)		 5.616
(8.672)		 −7.653
(11.373)		 7.921
(9.480)		 −17.036
(19.010)		 4.885
(10.517)		 −3.019
(12.736)		 3.828
(11.669)		 −60.206
(48.357)		 6.370
(9.966)
Constant −2.243
(7.888)		 −2.869
(7.325)		 11.627
(10.304)		 −3.721
(8.107)		 26.961
(17.702)		 4.616
(8.214)		 13.725
(10.682)		 7.955
(9.170)		 73.239
(47.790)		 6.302
(6.997)
No of obs 111 111 111 111 111 111 111 111 111 111
R2 0.002 0.004 0.005 0.006 0.011 0.001 0.000 0.001 0.034 0.002
R2 adj −0.007 −0.006 −0.004 −0.003 0.002 −0.008 −0.009 −0.008 0.026 −0.007

Notes: ***, ** and * denote statistical significance at the 1, 5 and 10 per cent levels, respectively. Standard errors are in parentheses.

Sources: APRA; Authors' calculations; RBA
Table C20: Business Credit Growth for Banks that Accessed the TFF Relative to Banks that Did Not – Self-securitisation Binary Instrumental Variable – First Stage
Equation (8)
  2020
Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Self-securitisation 0.387***
(0.065)		 0.387***
(0.065)		 0.387***
(0.065)		 0.387***
(0.065)		 0.387***
(0.065)		 0.387***
(0.065)		 0.387***
(0.065)		 0.387***
(0.065)		 0.387***
(0.065)		 0.387***
(0.065)
Constant 0.591***
(0.061)		 0.591***
(0.061)		 0.591***
(0.061)		 0.591***
(0.061)		 0.591***
(0.061)		 0.591***
(0.061)		 0.591***
(0.061)		 0.591***
(0.061)		 0.591***
(0.061)		 0.591***
(0.061)
No of obs 111 111 111 111 111 111 111 111 111 111
R2 0.055 −0.030 −0.032 0.004 −0.007 −0.009 −0.010 −0.003 0.014 −0.023
R2 adj 0.047 −0.039 −0.041 −0.005 −0.016 −0.018 −0.019 −0.012 0.005 −0.033
  2021
Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Self-securitisation 0.387***
(0.065)		 0.387***
(0.065)		 0.387***
(0.065)		 0.387***
(0.065)		 0.387***
(0.065)		 0.387***
(0.065)		 0.387***
(0.065)		 0.387***
(0.065)		 0.387***
(0.065)		 0.387***
(0.065)
Constant 0.591***
(0.061)		 0.591***
(0.061)		 0.591***
(0.061)		 0.591***
(0.061)		 0.591***
(0.061)		 0.591***
(0.061)		 0.591***
(0.061)		 0.591***
(0.061)		 0.591***
(0.061)		 0.591***
(0.061)
No of obs 111 111 111 111 111 111 111 111 111 111
R2 −0.017 −0.012 −0.003 −0.001 0.008 −0.009 −0.003 −0.002 0.034 0.002
R2 adj −0.026 −0.021 −0.012 −0.010 −0.001 −0.018 −0.012 −0.011 0.026 −0.007

Notes: ***, ** and * denote statistical significance at the 1, 5 and 10 per cent levels, respectively. Standard errors are in parentheses.

Sources: APRA; Authors' calculations; RBA
Table C21: Business Credit Growth for Banks that Accessed the TFF Relative to Banks that Did Not – Self-securitisation Binary Instrumental Variable – Second Stage
Equation (9)
  2020
Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Accessed TFF (fitted) −40.491*
(21.424)		 −7.406
(15.221)		 −8.117
(15.373)		 −28.581
(23.735)		 −2.165
(16.219)		 −3.706
(17.851)		 −9.249
(20.175)		 −1.470
(21.981)		 −38.532
(26.217)		 −9.455
(20.982)
Constant 41.846**
(18.280)		 7.918
(10.652)		 8.311
(10.946)		 28.187
(19.858)		 1.436
(12.031)		 2.579
(13.338)		 10.044
(13.945)		 1.711
(15.613)		 38.025*
(20.925)		 8.627
(15.443)
No of obs 111 111 111 111 111 111 111 111 111 111
R2 0.055 −0.030 −0.032 0.004 −0.007 −0.009 −0.010 −0.003 0.014 −0.023
R2 adj 0.047 −0.039 −0.041 −0.005 −0.016 −0.018 −0.019 −0.012 0.005 −0.033
  2021
Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Accessed TFF (fitted) −8.530
(21.713)		 −6.195
(21.783)		 −17.131
(23.682)		 −0.628
(22.935)		 −8.251
(36.674)		 17.750
(30.313)		 5.394
(32.512)		 11.129
(33.023)		 −62.898
(61.501)		 3.757
(31.062)
Constant 7.594
(15.938)		 5.962
(15.877)		 18.715
(18.053)		 2.672
(16.977)		 20.392
(27.675)		 −5.003
(21.248)		 7.435
(23.373)		 2.495
(23.380)		 75.252
(55.635)		 8.256
(22.333)
No of obs 111 111 111 111 111 111 111 111 111 111
R2 −0.017 −0.012 −0.003 −0.001 0.008 −0.009 −0.003 −0.002 0.034 0.002
R2 adj −0.026 −0.021 −0.012 −0.010 −0.001 −0.018 −0.012 −0.011 0.026 −0.007

Notes: ***, ** and * denote statistical significance at the 1, 5 and 10 per cent levels, respectively. Standard errors are in parentheses.

Sources: APRA; Authors' calculations; RBA
Table C22: Business Credit Growth for Banks that Accessed the TFF Relative to Banks that Did Not – Self-securitisation Adequacy Instrumental Variable – First Stage
Equation (8)
  2020
Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Self-securitisation adequacy 0.001***
(0.000)		 0.001***
(0.000)		 0.001***
(0.000)		 0.001***
(0.000)		 0.001***
(0.000)		 0.001***
(0.000)		 0.001***
(0.000)		 0.001***
(0.000)		 0.001***
(0.000)		 0.001***
(0.000)
Constant 0.651***
(0.054)		 0.651***
(0.054)		 0.651***
(0.054)		 0.651***
(0.054)		 0.651***
(0.054)		 0.651***
(0.054)		 0.651***
(0.054)		 0.651***
(0.054)		 0.651***
(0.054)		 0.651***
(0.054)
No of obs 111 111 111 111 111 111 111 111 111 111
R2 0.068 0.003 0.000 0.017 0.010 0.005 −0.006 0.004 0.032 0.003
R2 adj 0.059 −0.006 −0.010 0.008 0.001 −0.004 −0.016 −0.005 0.023 −0.006
  2021
Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Self-securitisation adequacy 0.001***
(0.000)		 0.001***
(0.000)		 0.001***
(0.000)		 0.001***
(0.000)		 0.001***
(0.000)		 0.001***
(0.000)		 0.001***
(0.000)		 0.001***
(0.000)		 0.001***
(0.000)		 0.001***
(0.000)
Constant 0.651***
(0.054)		 0.651***
(0.054)		 0.651***
(0.054)		 0.651***
(0.054)		 0.651***
(0.054)		 0.651***
(0.054)		 0.651***
(0.054)		 0.651***
(0.054)		 0.651***
(0.054)		 0.651***
(0.054)
No of obs 111 111 111 111 111 111 111 111 111 111
R2 0.002 0.003 0.005 0.006 −0.017 −0.067 −0.039 −0.036 0.033 −0.011
R2 adj −0.007 −0.006 −0.004 −0.004 −0.027 −0.077 −0.048 −0.045 0.024 −0.020

Notes: ***, ** and * denote statistical significance at the 1, 5 and 10 per cent levels, respectively. Standard errors are in parentheses.

Sources: APRA; Authors' calculations; RBA
Table C23: Business Credit Growth for Banks that Accessed the TFF Relative to Banks that Did Not – Self-securitisation Adequacy Instrumental Variable – Second Stage
Equation (9)
  2020
Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Accessed TFF (fitted) −29.084
(33.799)		 1.830
(30.192)		 −0.227
(29.946)		 −18.458
(38.641)		 7.332
(29.346)		 7.720
(30.365)		 6.023
(37.529)		 14.948
(40.095)		 −21.898
(42.401)		 2.811
(34.362)
Constant 33.316
(25.912)		 1.012
(21.104)		 2.410
(21.040)		 20.617
(29.205)		 −5.665
(20.935)		 −5.965
(21.777)		 −1.376
(26.184)		 −10.565
(28.206)		 25.588
(31.376)		 −0.544
(24.509)
No of obs 111 111 111 111 111 111 111 111 111 111
R2 0.068 0.003 0.000 0.017 0.010 0.005 −0.006 0.004 0.032 0.003
R2 adj 0.059 −0.006 −0.010 0.008 0.001 −0.004 −0.016 −0.005 0.023 −0.006
  2021
Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Accessed TFF (fitted) 2.071
(34.753)		 5.080
(34.162)		 −6.418
(35.079)		 10.321
(34.240)		 10.536
(51.628)		 38.490
(45.925)		 24.805
(48.804)		 30.729
(49.448)		 −46.800
(72.725)		 21.815
(47.162)
Constant −0.333
(24.799)		 −2.468
(24.342)		 10.704
(25.650)		 −5.515
(24.662)		 6.344
(37.838)		 −20.512
(32.468)		 −7.080
(34.800)		 −12.161
(34.981)		 63.215
(62.267)		 −5.247
(33.529)
No of obs 111 111 111 111 111 111 111 111 111 111
R2 0.002 0.003 0.005 0.006 −0.017 −0.067 −0.039 −0.036 0.033 −0.011
R2 adj −0.007 −0.006 −0.004 −0.004 −0.027 −0.077 −0.048 −0.045 0.024 −0.020

Notes: ***, ** and * denote statistical significance at the 1, 5 and 10 per cent levels, respectively. Standard errors are in parentheses.

Sources: APRA; Authors' calculations; RBA
Table C24: Fixed-term Business Credit Growth for Banks that Accessed the TFF Relative to Banks that Did Not – Self-securitisation Binary Instrumental Variable – First Stage
Equation (8)
  2020
Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Self-securitisation dummy 0.304***
(0.099)		 0.304***
(0.099)		 0.304***
(0.099)		 0.304***
(0.099)		 0.304***
(0.099)		 0.304***
(0.099)		 0.304***
(0.099)		 0.304***
(0.099)		 0.304***
(0.099)		 0.304***
(0.099)
Constant 0.696***
(0.099)		 0.696***
(0.099)		 0.696***
(0.099)		 0.696***
(0.099)		 0.696***
(0.099)		 0.696***
(0.099)		 0.696***
(0.099)		 0.696***
(0.099)		 0.696***
(0.099)		 0.696***
(0.099)
No of obs 32 32 32 32 32 32 32 32 32 32
R2 0.072 0.091 0.057 −0.046 −0.033 0.002 −0.011 0.010 0.014 0.013
R2 adj 0.041 0.061 0.026 −0.081 −0.068 −0.031 −0.045 −0.023 −0.019 −0.020
  2021
Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Self-securitisation dummy 0.304***
(0.099)		 0.304***
(0.099)		 0.304***
(0.099)		 0.304***
(0.099)		 0.273***
(0.098)		 0.304***
(0.099)		 0.273***
(0.098)		 0.304***
(0.099)		 0.304***
(0.099)		 0.304***
(0.099)
Constant 0.696***
(0.099)		 0.696***
(0.099)		 0.696***
(0.099)		 0.696***
(0.099)		 0.727***
(0.098)		 0.696***
(0.099)		 0.727***
(0.098)		 0.696***
(0.099)		 0.696***
(0.099)		 0.696***
(0.099)
No of obs 32 32 32 32 31 32 31 32 32 32
R2 0.046 0.049 0.077 0.075 0.094 0.102 0.106 0.100 0.051 0.032
R2 adj 0.014 0.018 0.046 0.045 0.063 0.073 0.076 0.070 0.019 0.000

Notes: ***, ** and * denote statistical significance at the 1, 5 and 10 per cent levels, respectively. Standard errors are in parentheses.

Sources: APRA; Authors' calculations; RBA
Table C25: Fixed-term Business Credit Growth for Banks that Accessed the TFF Relative to Banks that Did Not – Self-securitisation Binary Instrumental Variable – Second Stage
Equation (9)
  2020
Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Accessed TFF (fitted) −12.044*
(6.586)		 −5.219
(8.937)		 −9.032
(9.289)		 −8.774
(11.078)		 −7.687
(11.720)		 1.202
(11.242)		 −1.313
(13.505)		 1.592
(13.438)		 8.749
(14.794)		 8.161
(16.537)
Constant 13.747**
(6.431)		 6.774
(8.625)		 10.563
(9.101)		 10.475
(10.759)		 9.162
(11.294)		 0.960
(10.727)		 3.266
(13.100)		 0.620
(12.989)		 −6.576
(14.286)		 −5.671
(15.904)
No of obs 32 32 32 32 32 32 32 32 32 32
R2 0.072 0.091 0.057 −0.046 −0.033 0.002 −0.011 0.010 0.014 0.013
R2 adj 0.041 0.061 0.026 −0.081 −0.068 −0.031 −0.045 −0.023 −0.019 −0.020
  2021
Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Accessed TFF (fitted) 9.278
(15.841)		 10.785
(15.848)		 12.732
(16.000)		 14.255
(16.366)		 12.930
(18.009)		 16.388
(17.037)		 21.508
(20.815)		 21.571
(17.996)		 20.637
(19.556)		 24.918
(19.821)
Constant −6.948
(15.126)		 −8.206
(15.111)		 −9.215
(15.289)		 −10.998
(15.729)		 −10.157
(17.334)		 −12.969
(16.005)		 −17.636
(19.789)		 −17.033
(17.136)		 −15.849
(18.697)		 −19.412
(19.021)
No of obs 32 32 32 32 31 32 31 32 32 32
R2 0.046 0.049 0.077 0.075 0.094 0.102 0.106 0.100 0.051 0.032
R2 adj 0.014 0.018 0.046 0.045 0.063 0.073 0.076 0.070 0.019 0.000

Notes: ***, ** and * denote statistical significance at the 1, 5 and 10 per cent levels, respectively. Standard errors are in parentheses.

Sources: APRA; Authors' calculations; RBA
Table C26: Fixed-term Business Credit Growth for Banks that Accessed the TFF Relative to Banks that Did Not – Self-securitisation Adequacy Instrumental Variable – First Stage
Equation (8)
  2020
Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Self-securitisation adequacy 0.002***
(0.001)		 0.002***
(0.001)		 0.002***
(0.001)		 0.002***
(0.001)		 0.002***
(0.001)		 0.002***
(0.001)		 0.002***
(0.001)		 0.002***
(0.001)		 0.002***
(0.001)		 0.002***
(0.001)
Constant 0.701***
(0.097)		 0.701***
(0.097)		 0.701***
(0.097)		 0.701***
(0.097)		 0.701***
(0.097)		 0.701***
(0.097)		 0.701***
(0.097)		 0.701***
(0.097)		 0.701***
(0.097)		 0.701***
(0.097)
No of obs 32 32 32 32 32 32 32 32 32 32
R2 0.077 0.093 0.053 −0.051 −0.044 0.001 −0.027 0.002 0.018 0.015
R2 adj 0.046 0.063 0.021 −0.086 −0.078 −0.033 −0.061 −0.031 −0.015 −0.017
  2021
Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Self-securitisation adequacy 0.002***
(0.001)		 0.002***
(0.001)		 0.002***
(0.001)		 0.002***
(0.001)		 0.002***
(0.001)		 0.002***
(0.001)		 0.002***
(0.001)		 0.002***
(0.001)		 0.002***
(0.001)		 0.002***
(0.001)
Constant 0.701***
(0.097)		 0.701***
(0.097)		 0.701***
(0.097)		 0.701***
(0.097)		 0.733***
(0.096)		 0.701***
(0.097)		 0.733***
(0.096)		 0.701***
(0.097)		 0.701***
(0.097)		 0.701***
(0.097)
No of obs 32 32 32 32 31 32 31 32 32 32
R2 0.044 0.050 0.076 0.076 0.088 0.103 0.111 0.107 0.062 0.054
R2 adj 0.012 0.018 0.045 0.046 0.057 0.073 0.081 0.077 0.031 0.023

Notes: ***, ** and * denote statistical significance at the 1, 5 and 10 per cent levels, respectively. Standard errors are in parentheses.

Sources: APRA; Authors' calculations; RBA
Table C27: Fixed-term Business Credit Growth for Banks that Accessed the TFF Relative to Banks that Did Not – Self-securitisation Adequacy Instrumental Variable – Second Stage
Equation (9)
  2020
Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Accessed TFF (fitted) −11.877*
(6.604)		 −5.455
(8.852)		 −9.690
(9.254)		 −9.119
(11.053)		 −8.476
(11.782)		 0.196
(11.284)		 −2.758
(13.804)		 0.248
(13.750)		 7.402
(15.030)		 6.488
(16.838)
Constant 13.617*
(6.437)		 6.959
(8.574)		 11.076
(9.093)		 10.745
(10.757)		 9.778
(11.355)		 1.746
(10.759)		 4.395
(13.317)		 1.670
(13.196)		 −5.524
(14.415)		 −4.364
(16.074)
No of obs 32 32 32 32 32 32 32 32 32 32
R2 0.077 0.093 0.053 −0.051 −0.044 0.001 −0.027 0.002 0.018 0.015
R2 adj 0.046 0.063 0.021 −0.086 −0.078 −0.033 −0.061 −0.031 −0.015 −0.017
  2021
Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Accessed TFF (fitted) 7.556
(16.231)		 8.944
(16.257)		 10.727
(16.519)		 12.437
(16.963)		 10.500
(18.939)		 14.073
(17.710)		 18.625
(21.350)		 18.975
(18.652)		 17.567
(20.212)		 21.208
(20.269)
Constant −5.603
(15.365)		 −6.767
(15.356)		 −7.649
(15.604)		 −9.578
(16.078)		 −8.197
(17.944)		 −11.160
(16.410)		 −15.311
(20.114)		 −15.005
(17.498)		 −13.451
(19.042)		 −16.513
(19.452)
No of obs 32 32 32 32 31 32 31 32 32 32
R2 0.044 0.050 0.076 0.076 0.088 0.103 0.111 0.107 0.062 0.054
R2 adj 0.012 0.018 0.045 0.046 0.057 0.073 0.081 0.077 0.031 0.023

Notes: ***, ** and * denote statistical significance at the 1, 5 and 10 per cent levels, respectively. Standard errors are in parentheses.

APRA; Authors' calculations; RBA
Table C28: Business Credit Growth for Institutions that Accessed the TFF – First Stage
Equation (10)
  2020
Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Bank 0.728***
(0.042)		 0.728***
(0.042)		 0.728***
(0.042)		 0.728***
(0.042)		 0.728***
(0.042)		 0.728***
(0.042)		 0.728***
(0.042)		 0.728***
(0.042)		 0.728***
(0.042)		 0.728***
(0.042)
Constant 0.000
(0.000)		 0.000
(0.000)		 0.000
(0.000)		 0.000
(0.000)		 0.000
(0.000)		 0.000
(0.000)		 0.000
(0.000)		 0.000
(0.000)		 0.000
(0.000)		 0.000
(0.000)
No of obs 162 162 162 162 162 162 162 162 162 162
R2 −0.104 −0.021 −0.022 −0.058 0.002 0.001 −0.022 −0.007 −0.069 −0.003
R2 adj −0.111 −0.027 −0.028 −0.064 −0.004 −0.005 −0.029 −0.013 −0.075 −0.009
  2021
Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Bank 0.728***
(0.042)		 0.728***
(0.042)		 0.728***
(0.042)		 0.728***
(0.042)		 0.728***
(0.042)		 0.728***
(0.042)		 0.728***
(0.042)		 0.728***
(0.042)		 0.728***
(0.042)		 0.728***
(0.042)
Constant 0.000
(0.000)		 0.000
(0.000)		 0.000
(0.000)		 0.000
(0.000)		 0.000
(0.000)		 0.000
(0.000)		 0.000
(0.000)		 0.000
(0.000)		 0.000
(0.000)		 0.000
(0.000)
No of obs 162 162 162 162 162 162 162 162 162 162
R2 −0.001 −0.001 0.001 −0.002 −0.019 0.003 0.001 0.004 −0.016 0.003
R2 adj −0.007 −0.007 −0.005 −0.009 −0.026 −0.004 −0.005 −0.002 −0.023 −0.003

Notes: ***, ** and * denote statistical significance at the 1, 5 and 10 per cent levels, respectively. Standard errors are in parentheses.

Sources: APRA; Authors' calculations; RBA
Table C29: Business Credit Growth for Institutions that Accessed the TFF – Second Stage
Equation (11)
  2020
Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Accessed TFF (fitted) 19.616***
(7.431)		 14.392**
(5.675)		 13.650**
(5.664)		 17.615**
(8.751)		 −2.576
(12.612)		 −1.313
(11.730)		 9.173
(8.960)		 6.986
(10.387)		 19.436*
(9.850)		 2.651
(10.238)
Constant −1.324
(2.435)		 −6.279**
(2.903)		 −5.771**
(2.815)		 −2.660
(3.218)		 5.305
(8.328)		 4.530
(7.443)		 0.589
(4.604)		 −0.190
(5.720)		 −0.971
(3.816)		 3.680
(5.465)
No of obs 162 162 162 162 162 162 162 162 162 162
R2 −0.104 −0.021 −0.022 −0.058 0.002 0.001 −0.022 −0.007 −0.069 −0.003
R2 adj −0.111 −0.027 −0.028 −0.064 −0.004 −0.005 −0.029 −0.013 −0.075 −0.009
  2021
Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Accessed TFF (fitted) 0.809
(11.868)		 0.906
(10.447)		 −0.648
(17.035)		 2.593
(13.232)		 13.405
(17.244)		 −3.951
(20.705)		 −1.378
(23.556)		 −7.019
(25.098)		 15.430
(29.631)		 −5.241
(22.838)
Constant 4.929
(6.628)		 5.014
(5.188)		 12.070
(10.216)		 6.261
(6.294)		 10.573
(8.412)		 17.416
(12.497)		 18.836
(14.621)		 22.898
(15.673)		 23.876
(15.064)		 21.975
(13.673)
No of obs 162 162 162 162 162 162 162 162 162 162
R2 −0.001 −0.001 0.001 −0.002 −0.019 0.003 0.001 0.004 −0.016 0.003
R2 adj −0.007 −0.007 −0.005 −0.009 −0.026 −0.004 −0.005 −0.002 −0.023 −0.003

Notes: ***, ** and * denote statistical significance at the 1, 5 and 10 per cent levels, respectively. Standard errors are in parentheses.

Sources: APRA; Authors' calculations; RBA