It said, unlike the global private credit market, much of the local industry is concentrated in real estate construction and development finance "which has represented the majority of credit losses in past economic downturns in Australia and overseas." "The concentration of Australia's private credit market in higher-risk real estate construction and development is where we see the greatest area for improvement for investor protection and market integrity. In all, the interim report identifies four key areas of the sector requiring improvement. It also said there is a lack of consistency when it comes to methodologies, and that marketing materials often don't adequately reflect risks and illiquidity of private credit investments. Private credit is playing an important role in our capital markets and Australia should implement industry standards that align with international best practice.