Australian Financial Security Authority (AFSA)

The September quarter Consumer Price Index (CPI) figures from the Australian Bureau of Statistics are now available. In bankruptcy law, certain dollar amounts are indexed using these figures. You can view the quarterly updates on our website at:   https://lnkd.in/gKbhbKph    #AFSA #ABS 

🤝 AFSA is proud to play a key role in Operation Elbrus along with the Australian Federal Police and the Australian Taxation Office. Operation Elbrus revealed large-scale and organised tax fraud and money laundering that defrauded the Commonwealth of over $105 million over 3 years. We manage the confiscated assets and the auctions of the luxury cars, motorbikes, go-carts and other assets seized by the AFP for this Operation.  The Commonwealth's Confiscated Assets Account will receive the proceeds from the sale of these items, ahead of the Attorney-General distributing the funds to support a range of community initiatives. #Workingtogether #AFP #ConfiscatedAssets 

News 📰 A West Australian man has been sentenced to 20 months imprisonment, after pleading guilty to 9 offences under the Bankruptcy Act following enforcement action by AFSA. He will be released on a recognisance release order after serving 6 months in custody. John James Simpson, who has been bankrupt four times, committed numerous offences under the Bankruptcy Act. This includes fraud while continuing to run his crane hire business, JJS Crane Hire Services, and amassing almost $400,000 in debt. In the Perth District Court, Mr Simpson was sentenced in relation to the following offences: * entering into hire goods agreements while bankrupt and not disclosing his bankruptcy * obtaining property by fraud while bankrupt   * incurring debt/liability by fraud while bankrupt   * failure to disclose conduct / examinable affairs   * knowingly making a false declaration in a statement filed of affairs. AFSA Acting National Manager Education, Surveillance and Enforcement Tim Cole welcomed the sentence and said the punishment reflected the severity of Mr Simpson’s repeated wilful disregard for the law and the harm his actions caused to creditors.  ‘This matter is a clear example of the strong action we take when people disregard their obligations under the Bankruptcy Act and create further harm to creditors through their repeated deceptions and false declarations,’ Mr Cole said. 👉 Read more: https://lnkd.in/gUXRHPmC 

New personal insolvencies dropped in August 2024 to 1,119, down from 1,157 in July 2024 according to provisional personal insolvency statistics released today.    The most common industries where an individual worked were:   * construction  * other services  * health care and social assistance.  For more information about our monthly statistics, visit our website: https://lnkd.in/gk9EYKmq #AFSA #PersonalInsolvency

Our Regulatory Action Statement 2024-25 has been released. The statement identifies the areas of harm to Australia's community and credit system that will be our primary focus for the next 12 months.  This year, we’ll address conduct around 3 areas of significant harm:  * practices and advice that result in disadvantage  * harm caused to individuals experiencing hardship  * fraudulent practices.     Examples of this conduct could include exercising abusive and financial control of individuals by misusing Australia’s credit system, unlawfully disposing of assets, and charging excessive or unnecessary fees.    👉 To read this year’s Regulatory Action Statement and broader Regulatory Strategy, visit https://lnkd.in/gQ94zEXF     #AFSA #Government #regulator 

There were many standout moments during our Chief Executive’s Tim Beresford recent 4-day Jawun West Kimberley Executive visit.  Tim had the unique opportunity to learn more about ‘The Gambanan Statement’ and to take time on Country to sit and talk with representatives from 5 First Nation groups.  ‘The highlight was listening to former Senator Pat Dodson and several local Kimberley leaders talk about their personal experiences with the Voice referendum. Whilst they remain very disappointed with the outcome, they all spoke with remarkable grace, humility, and respect for the decision of the Australian community. They remain resolute in continuing to improve the economic and social outcomes for Indigenous Australians,’ said Tim.  Learn more about ‘The Gambanan Statement’ at: https://lnkd.in/gEpdKAqr #AFSA #Learning

The Department of Social Services has released the basic pension rates for 20 September 2024. The rates are used in indexing certain dollar amounts in bankruptcy law.  You can view the bi-annual updates now on our website at: https://lnkd.in/gKbhbKph     #AFSA #DSS  

Renters make up over 9 in 10 personal insolvencies in Australia, despite making up just 21% of the population. 📈 🏡 With personal insolvencies on the rise this financial year, households have started to dip into their savings to pay off debts.    “We have an overwhelming number of people who are renters in our system, with quite frankly a relatively low level of debt,” said our Chief Executive Tim Beresford when he sat down with The Australian this week.      💬 “It gives you a sense that we are skewed to renters, to those who are more vulnerable.”    Read the full story at 👉 https://lnkd.in/gBTvSM8A     #PersonalInsolvency #Bankruptcy #Debt 

This week, our Chief Executive Tim Beresford addressed the Financial Counsellors Association NSW about the work we’re doing to support people experiencing financial hardship, as personal insolvencies rise from over 30-year lows 📈.  Tim also commended financial counsellors on their work at the coalface of financial vulnerability, saying it makes a huge difference to their clients and the Australian community.  Among our vulnerability initiatives, we’re preparing guidance that recognises gambling as a harm – rather than a condition to be punished in the insolvency system.    #FinancialHardship #FinancialCounsellors #PersonalInsolvency  

We recently launched our Corporate Plan 2024-25. The Corporate Plan outlines our vision for a strong credit system for the Australian community and how we will fulfil our purpose to ensure confidence in the personal insolvency and personal property securities systems. The plan includes information on how we collaborate and engage with others, and how we will measure our performance. This year’s plan focuses on 5 strategic priorities: regulatory stewardship, impact and influence, workforce of the future, digital innovation, and leadership and culture.  View a copy of the plan on our website: https://lnkd.in/gq_xHY4E #AFSA #CorporatePlan #Governance