The Personal Property Securities Register recently announced that they have hit 10 million registrations! Along with that news, the seven-year anniversary of PPSR is fast approaching in January, which means that there is going to be an influx in expirations and renewals.
To give you a further idea of just how big the PPSR and pending renewals are, the Australian Financial Security Authority (AFSA) released their PPSR June 2018 quarterly statistics. We’ve produced an infographic to highlight the insights in a visually appealing way.
Download the infographic here
The report looked at an Industry Breakdown of New PPSR Registrations. The Finance industry had the highest amount of registrations at 17,086 with Rental and Hiring Services closely behind at 15,922. Auxiliary, Finance and Insurance Services, as well as Machinery and Equipment Wholesaling and Construction also showed a large number of registrations.
The report looked at Searches Conducted on the PPSR by Type. There were 1,222,119 searches by serial number and there were 2,361,738 searches in total. New transactions to create registrations for the June 2018 quarter was 544,265.
As of June 30, 2018, there was a total of 20,810,093 registrations and 10,867,585 of those expired or were discharged. There were 9,942,508 PPSR registrations by collateral class. Motor vehicles took the lead at 4,830,506, followed by other goods and all present and after-acquired property. Collateral type saw commercial property at the highest of 7,492,085 and consumer property at 2,360,796.
There are 120,000 current registrations that are set to expire in January 2019.
Act now for renewals
It is clear that the number of PPS registrations will keep growing. The PPSA has made it a vital and affordable component of Australia business. While the PPSR has a reputation of being difficult to understand, that shouldn’t be the reason that your assets are left unprotected.