This paper uses firm-level data from the Business Longitudinal Database compiled by the Australian Bureau of Statistics to examine finance-seeking behaviour and outcomes by Australian small and medium-sized enterprises (SMEs). By modelling the determinants of SME financing behaviour and outcomes using discrete choice techniques and more than two thousand firm cases, we throw useful light on the firm-level factors involved in both debt and equity financing decisions, the availability or lack of availability of finance, and the impact of these outcomes on future firm behaviour. Our findings indicate that a large number of SME characteristics, including firm age, size, industry and sales and the declared strategies for operations, profits, growth and exports, significantly affect both finance-seeking behaviour and outcomes. Putting aside any supply-side circumstances, we conclude that Australian SMEs suffer from severe financial constraints and this significantly affects their strategizing and decision-making across a number of areas.