Given the returns CCV has historically achieved on borrowed...

Given the returns CCV has historically achieved on borrowed funds, a reduction in net borrowings is, all else being equal, a bad thing from an operational perspective. I think you'll find the reduction in SACC lending volumes is a symptom of the loan book running off faster than new loans are being originated, with the net effect being a reduction in the balance drawn down on the securitisation facility.

However, I don't think this is a bad thing in the long term. It's largely a consequence of the (necessary) de-risking process CCV is currently going through as it moves away from SACCs, with drawdowns, and therefore an increase in net borrowings, commencing again once the facility is linked up to the MACCs.