Beyond 2020: Future-proofing the PPSR
The Personal Property Securities Register (PPSR) was launched in January 2012. The legislative reforms that established the PPSR were significant and changed the treatment of personal property in Australia.
The PPSR simplified a fragmented system. It effectively brought together over 35 state-based and national registers. Since its launch, the PPSR has grown to 10 million registrations and is searched over 8 million times annually.
The core value of the PPSR is risk protection for both businesses and consumers. Eight years on, the PPSR is also playing a significant role in facilitating the flow of credit within the Australian economy.
The PPSR is a tool that can help businesses raise finance by using a wide range of business goods and assets as collateral. The ability for financiers to register a security interest using a single, national register has streamlined this process.
At AFSA we aim to provide businesses and the community with world-class services, both now and in the future. As we all know, technology evolves at a rapid rate. What was considered cutting edge a decade ago can quickly become outdated by today’s standards.
To meet the growing expectations of our customers, stakeholders and government, we must evolve too.
We are fortunate that the PPSR is, and always has been, a fully digitised registry, which is essential in supporting a highly sophisticated financial sector. Our focus is on making sure we invest in the application and underlying technology, including exploring opportunities like cloud hosting, to ensure we continue to deliver a contemporary user experience, reduce costs, improve speeds, and maintain high availability while keeping PPSR data safe and secure.
Digital systems by their very nature also create easily-accessible data.
Since the PPSR was launched in 2012, we have strengthened our data management, statistics and analytical capabilities. We are continuously analysing and reporting PPSR data to help shape evidenced-based decision making. This is particularly important as government looks to implement the recommendations from the Statutory review of the Personal Property Securities Act 2009.
A key part of ensuring the usefulness and reliability of PPSR data is understanding how our stakeholders use the PPSR. We recognise, like many government agencies, we are vulnerable to making assumptions about what our users want and need.
Market research with current and potential users has been a constant since we launched the PPSR. First-hand insights from these groups has helped us improve the register over time.
Our research has highlighted consistent themes; some users struggle with legal terminology, frequent users find the PPSR easier to navigate than first time users, and there are a variety of reasons that people intentionally, and unintentionally, create duplicate registrations.
More recently, we have partnered with the Australian Government’s Behavioural Economics team, BETA, to find user-centric solutions to these problems. By partnering with BETA we are able to apply their behavioural economics expertise to PPSR-specific issues. This project is ongoing, but is vital to future-proofing the PPSR as we approach 2020 and beyond.
- Gavin McCosker
- Deputy Chief Executive, Chief Operating Officer
- and Registrar of Personal Property Securities
Australian Financial Security Authority
October 2019 - FNSCRD505 - Respond to corporate insolvency situations - FNS51520 Diploma of credit management and FNSCRD401 - Assess credit applications and BSBRSK501 - Managing Risk