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Statistics for the Personal Property Securities Register (PPSR) June quarter 2023 released today by the Australian Financial Security Authority (AFSA) show an increase in both searches and registrations.
During the June quarter 2023, there were more than 3.2 million searches conducted – up 11.1% from the June quarter 2022. The most common search was for motor vehicles by serial number (51.4% of all searches).
During the same period, there were more than 550,000 new registrations created on the PPSR – an increase of 6.4% on the June quarter 2022. There were more than 460,000 amendments to registrations on the PPSR, and more than 405,000 registrations were discharged or removed.
As of 30 June 2023, there were 10,248,392 current registrations on the PPSR. Motor vehicles were the most common collateral class with 4,772,023 registrations comprising 46.6% of total current registrations. Registering a security interest correctly on the PPSR can protect your business and give extra rights in the property it's registered over.
AFSA Chief Executive Tim Beresford said the PPSR was a critical piece of credit system infrastructure that underpins Australia’s $3.5 trillion credit system.
‘The PPSR readily supports and protects the credit system,’ said Mr Beresford.
‘This is especially important now when our market insights show that the exposure of businesses and consumers to second-hand market risks is increasing as ongoing global supply chains have impacted the supply of vehicles, machinery and other goods.’
‘Our recent State of the PPS System report found that more than 1.4 million businesses, representing 56% of all Australian businesses and 2.1 million consumers access lines of credit and purchase goods through PPSR asset registrations.’
‘The growth recorded in the June quarter 2023 shows that the increasing awareness and use of the PPSR is a benefit to Australian consumers and businesses alike.’
More information about our statistics is available at afsa.gov.au/statistics.