In the last 12 months, we have been presented with three inorganic growth opportunities – each of which, importantly, fit our strategic objectives.

The first was National Mortgage Brokers, one of Australia’s leading mortgage-broking aggregator groups. Liberty’s business is closely tied with mortgage brokers and this acquisition is an example of our commitment to support this distribution channel further.

The second was ALI Group (ALI), the leading distributor of life-insurance and mortgage-protection products through mortgage brokers. The benefit of this acquisition is linked to our purpose of providing customers with valuable financial solutions.

As a group, we seek to provide a customer experience that coordinates all the products and services that are relevant to our customers. Our view is that Australians are under-protected from the impact of illness, unemployment and death. We believe one of the questions our customers should consider when contemplating borrowing is how to protect themselves and their families in the event something unfortunate occurs.

ALI has developed a very strong product offering to support borrowers with valuable insurance. As a group, we can therefore now provide customers with mortgage protection alongside their home loan.

The third acquisition was MoneyPlace. This is a new business in the fintech community offering unsecured personal loans. This acquisition enables us to expand the range of products we offer our customers. MoneyPlace has achieved rapid success by establishing robust risk frameworks, exceptional digital-marketing capability and innovative products.

Each of the three acquisitions enhances our strategy to develop a diversified financial-services company.

We have spent a lot of time in Europe, allowing investors to become more familiar with our business including our technology, the risk frameworks we apply when assessing credit and our approach to capital and funding.

We hope maintaining broad and consistent engagement with offshore investors – who typically allocate a higher proportion of investable dollars to the fixed-income asset class – will enable us consistently to issue transactions in the A$1 billion range.

Our strategy is to be a programmatic issuer – at least annually – in this format. When we explore issuance in 2019, we will have three lines in the market with varying maturities of one, two and three years, so investors can understand how our curve develops. The fact that we have been able to tap two of our lines indicates strong interest from investors.

Our unsecured programme creates diversification of funding and has also opened up to Liberty a different group of investors who don’t necessarily participate in securitisation deals.

We continue to be a regular issuer of asset-backed securities across our various formats. We issued RMBS in April and September 2018 and a business-purpose SME in August 2018. We hope to issue an auto-backed transaction before the end of the year, so we are on track for four public transactions in 2018. We have also issued one private RMBS deal in 2018 and continue to receive reverse enquiry for private transactions.