Australian Financial Security Authority (AFSA)

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 

🏳️🌈 Pride month celebrations continued throughout August with staff proudly wearing all shades of purple to mark ‘Wear it Purple’ Day. The Day strives to foster supportive, safe, empowering, and inclusive environments for rainbow young people. 💜    🌈 We also welcomed guest speaker Yenn Purkis for an informative and entertaining session for staff on ‘Gender diversity and autism’.  Yenn is an Autistic and ADHD advocate, has published 17 books, and has given talks all over the world. They are also non-binary and Asexual, working as a consultant and coach in the Queer and Neurodiversity space.  Thanks to Yenn for the insightful presentation into their own experiences, and how these learnings around diversity and inclusion can apply in the workplace and the broader community.     #PrideMonth #WearitPurple #Diversity #Inclusion  

New provisional personal insolvency statistics released today show the number of new personal insolvencies increased in July 2024 to 1,157. This is up from 851 in June 2024. Of these, 315 were involved in a business. The most common industries where an individual worked were:  * construction  * health care and social assistance  * transport, postal and warehousing.  For more information about our monthly statistics, visit our website: https://lnkd.in/gk9EYKmq #AFSA #PersonalInsolvency 

More than 3.4 million searches were made on the Personal Property Securities Register (PPSR) during the June quarter 2024. This is an increase of 6.6% from the June quarter 2023. During the same period, there was also an increase in new registrations to 574,679, up 2.9% from the June quarter 2023. As of 30 June 2024, there were more than 10.4 million current registrations on the PPSR. The PPSR provides protection for individuals and businesses enabling them to register their assets. It is also where you can check the status of secondhand goods such as machinery or cars to make sure they do not have any outstanding loans or security interests before you buy.    More information about our quarterly statistics is available on our website: https://lnkd.in/g36BVWnG    #AFSA #PersonalPropertySecuritiesRegister #PPSR