I think the Australian market is just too small for bond...

I think the Australian market is just too small for bond issuance. Not many ASX-listed companies go down the bond route for capital, and I think that has to do with the secondary market for corporate bonds here being relatively small. Most companies prefer direct bank financing or CRs.

I haven't thought through whether that is a good or bad thing, but as a shareholder, in this interest rate environment, I would prefer my better performing holdings to be using debt over equity most times. Bonds are a good option for that as you say, because the company can dictate the terms and duration of the debt, but Aussie companies just don't do it often. The banks do, but they are huge and have massive capital requirements.