But that will be a rapidly growing area for Australia.

My name is Stefan Rompf.

I'm a vice president with DBRS Morningstar's European Structure Credit Team, and I just spoke on the panel big capital, small business outlook for European SME lending.

On the panel, there were one rating agency, that was us, two banks, an alternative lender of FinTech, and a lawyer speaking.

And we started off with a macroeconomic outlook.

That was a section we provided in terms of looking at the backdrop that we have at the moment across Europe.

We see tightening credit conditions Obviously, defaults increase.