We compile a new unit‐record data set of Australian corporate bond issuance, which sheds light on developments in the bond market since the early twentieth century. Reflecting the evolution of the economy, privatisations, and changes in the regulatory landscape the following trends are noteworthy: (i) issuance today is largely by private entities whereas government‐owned corporations dominated historically; (ii) the issuer base has shifted away from non‐financial corporations towards banks, with corporations now raising a large share of funds offshore; and (iii) the investor base has shifted away from direct holdings by households towards holdings through superannuation/managed funds and holdings by non‐residents.

The authors are from Domestic Markets Department. They would like to thank Rachael McCririck for her contribution. They would also like to thank Lynda Turnbull and Nicole Berroya for their capable research assistance.

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How influential are former American presidents? Though entitled to salary, staff, and security, on leaving office ex‐presidents lose all formal governing powers. The power of ex‐presidents therefore resides in their capacity to exercise indirect and informal influence in a political system over which they no longer have direct, formal control. The authors argue that the opportunities to exercise postpresidential power are greater than ever and may be expanding. Case studies of the postpresidential activities of former presidents Richard Nixon through Bill Clinton lead the authors to conclude that a new era of postpresidential influence is under way.