Australian Financial Security Authority (AFSA)

📰 AFSA today released one of its flagship publications, the State of the Personal Insolvency System Report 2024. The report shows AFSA is expecting annual personal insolvency volumes to rise moderately and reveals that debtors with small savings buffers are the most vulnerable to insolvency through challenging economic conditions.    📈 Key findings from the Report:   * There were 11,644 new personal insolvencies in 2023-24, an increase of 17.3% from the previous year. This remains well below the ten-year average of 21,252.  * AFSA is expecting annual personal insolvency volumes to rise moderately over the next two years to 13,400 in 2024–25 and by a further 12% to 14,950 in 2025–26.  * Debtors with low liabilities continue to represent a significant proportion of new personal insolvencies in 2023-24, with 49% of debtors having liabilities of less than $50,000.    Our Chief Executive and Inspector-General in Bankruptcy Tim Beresford said: ‘It is important to acknowledge that people may enter insolvency for many reasons, including a variety of health, social and economic factors. Our message to those in financial distress, is to come to AFSA as a first port of call, so we can connect you to the support you need.’    Tim also noted: ‘Higher levels of financial stress can increase the prevalence of predatory practices, fraud, and untrustworthy advisors, seeking to take advantage of those in vulnerable financial positions. AFSA is taking a more proactive education, compliance and enforcement posture in this environment to protect against system misuse.’    The Report also outlines our regulatory approach over the coming year.    👉 A copy of the Report can be viewed on our website:  https://lnkd.in/g4Zew865   #AFSA  #PersonalInsolvency  #StateofPersonalInsolvencySystem 

🎉 Congratulations to our 2024 Chief Executive Award winners 🎉 This week, we came together online and in-person at our offices around the country to recognise staff who’ve gone above and beyond in 2024. This year’s awards recognised our people across 5 categories – leadership, innovate and influence, collaborate and connect, culture, and stewardship 🏅 We extend our congratulations to all our nominees and our thanks to those who took the time to nominate their peers. 🎂 The festivities also kicked off celebrations as we enter our 25th year as an independent agency in 2025 – spot the 90s attire! #AusPublicService #APS #Recognition

Stewardship is in effect from today! The new value reflects the important role that all APS employees play in ensuring that the APS serves the Government, the Parliament, and the Australian community, now and into the future. Watch APS Commissioner, Gordon de Brouwer, Australian Public Service Commission talk about the importance of stewardship in the APS: https://lnkd.in/gJ_kJnEU #Stewardship #OurAPS #Values #AusPublicService

❗ Register your interest - applications close this Friday, 13 December ❗ AFSA is establishing a Consumer Consultative Panel for community and not-for-profit organisations to discuss and provide advice directly to AFSA about financial matters impacting consumers. We are seeking Expressions of Interest from organisations to apply to be part of the Panel, including organisations with experience and expertise in providing consumer-related frontline support services. Members will be appointed for a period of 2 years. We expect to appoint about 12 members. The Panel will explore a range of topics including: * emerging issues or market developments affecting consumers * how AFSA can support people experiencing hardship or vulnerability * education and information needs and strategies. Our Chief Executive Tim Beresford will convene the Panel. An external Chair, Peter Kell, has been appointed to facilitate the meetings. Applications close this Friday, 13 December 2024. The first meeting of the Panel is planned for February 2025, following the selection and appointment of members by AFSA. 👉 To view the Terms of Reference and for more information about the Panel: https://lnkd.in/gqvbw4vU #AFSA #ConsumerConsultativePanel

We were pleased to welcome Mike Knapp as our guest speaker to our International Day of People with Disability event, organised by our Constellation Network and hosted by our Chief Operating Officer Jennifer Dobell. Mike shared with us his journey of growing up, believing he was a ‘normal’ person who just wore a silly hat. He learnt late in life he was neurodivergent with a diagnosis of Autism and ADHD. Mike shared thought-provoking insights into how to support our neurodivergent colleagues in the workplace. Thanks for being open and sharing your story with us. Thanks also to our CADCO (Cross-Agency Network for Disability Contact Officers) members from the APS Disability and Neurodiversity Network for joining us. #WorkingTogether #IDPwD #APS

The latest edition of our Personal Property Securities Register (PPSR) newsletter is available online. In this edition, we:  * share the outcomes of the PPSR Stakeholder Forum  * set out our priorities under our Regulatory Action Statement 2024–25  * provide advice on the removal of PPSR registrations and your regulatory obligations  * include information about our soon-to-be released updated PPS Register General Conditions of Use  * throw in an interesting PPSR fact for good measure.    To view the full edition and to subscribe to receive future editions, visit our website: https://lnkd.in/gRB33Uvn #PPSR #RegulatoryActionStatement 

New personal insolvencies dropped slightly in October 2024 to 1,009, down from 1,025 in September 2024 according to provisional personal insolvency statistics released today. Of these, 290 were involved in a business as a sole trader, in partnership or as a director in a company.    The most common industries where an individual worked were:   * construction  * health care and social assistance  * retail trade.  For more information about our monthly statistics, visit our website: https://lnkd.in/gk9EYKmq #AFSA #PersonalInsolvency

AFSA is establishing a Consumer Consultative Panel for community and not-for-profit organisations to discuss and provide advice directly to AFSA about financial matters impacting consumers. We are seeking Expressions of Interest from organisations to apply to be part of the Panel, including organisations with experience and expertise in providing consumer-related frontline support services. Members will be appointed for a period of 2 years. We expect to appoint about 12 members. The Panel will explore a range of topics including: * emerging issues or market developments affecting consumers * how AFSA can support people experiencing hardship or vulnerability * education and information needs and strategies. Our Chief Executive Tim Beresford will convene the Panel. An external Chair, Peter Kell, has been appointed to facilitate the meetings. Applications close Thursday 12 December 2024. The first meeting of the Panel is planned for February 2025, following the selection and appointment of members by AFSA. 👉 To view the Terms of Reference and for more information about the Panel: https://lnkd.in/gqvbw4vU #ConsumerConsultativePanel #WorkingTogether

Personal insolvency statistics for the September quarter 2024 are now available. Figures show personal insolvencies across Australia have increased, with 3,307 new personal insolvencies in the 3-month period to September 2024. This is up from 3,108 in September 2023.     Of the September quarter 2024 personal insolvencies, 28% were business-related. A business-related personal insolvency is a personal insolvency where a person has operated a business as a sole trader, in partnership, or as a director in a company.    Australians experiencing financial difficulty are encouraged to seek help early from trusted sources.    More information about our quarterly statistics is available on our website: https://lnkd.in/gHHNJEjp    #AFSA #PersonalInsolvency 

More than 3.3 million searches were made on the Personal Property Securities Register (PPSR) during the September quarter 2024. This is an increase of 4.3% from the September quarter 2023. During the same period, there was also an increase in new registrations to 564,229, up 2.1% from the September quarter 2023. As of 30 September 2024, there were more than 10.5 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