State of the Personal Property Securities System 2024-25

Introduction

The Australian Financial Security Authority (AFSA) is an executive agency in the Treasury portfolio. We are responsible for Australia’s personal insolvency and personal property securities systems, as well as managing criminal assets, which:

• provides Australian consumers and businesses with tools to manage financial risk
• contributes to investor and business confidence
• provides enhanced access to finance within the economy
• enables the dispersal of proceeds of crime to the Australian community.

About this report

The State of the Personal Property Securities System 2024–25 report offers a detailed view of how secured credit is being used across Australia’s financial landscape. It draws on operational intelligence, data analytics and strategic analysis to highlight patterns in registration and search behaviour, alongside trends in system usage over the past decade.

This report is intended to inform strategic decision‑making across government and industry and supports public understanding of the personal property security system’s role in supporting credit markets and economic activity. By interpreting what the system is telling us, it provides a clearer picture of how secured lending practices are evolving. This includes who is using the system, how it is being used, and what pressures or opportunities may be shaping its future.

About personal property securities

Australia’s personal property securities system enables individuals and businesses to register and search for security interests in personal property, such as vehicles, equipment, crops, intellectual property, consigned stock and other moveable assets. The Personal Property Securities Register (PPSR) is a national online noticeboard which is publicly available 24/7 and supports the enforceability and priority of security interests.  Launched in 2012, the PPSR consolidated multiple state and territory‑based registers (including the Register of Encumbered Vehicles (REVS) and ASIC’s Register of Company Charges) into a single national system.^[1]

AFSA administers the personal property securities framework under the Personal Property Securities Act 2009 (Cth) (PPS Act) by operating the PPSR, supporting its accessibility and integrity, and providing guidance and education to users.

The PPS Act establishes the statutory role of the Registrar of Personal Property Securities, who ensures the PPSR is operational, accessible, and compliant with legislation, and has powers to manage data access, enforce penalties, and conduct investigations.

The PPSR plays a critical role in enabling access to finance, protecting creditor rights, and supporting commercial certainty. It is used across sectors – from agriculture and construction to retail and finance – and underpins a wide range of secured credit arrangements. By providing a transparent and searchable record of security interests, the system helps reduce risk and improve outcomes for diverse system users.

How to use this report

This report is intended for government, industry and practitioners, media, and the Australian community. Each section provides insights to help these audiences understand how the personal insolvency system is evolving, and what that means for their work, decisions, and communities.

It is designed to be read alongside AFSA’s Regulatory Strategy 2023–27 and annual Regulatory Action Statements, which outline AFSA’s regulatory approach and planned activities. While those documents focus on what AFSA intends to do, this report offers context, interpretation and insight into the broader environment in which AFSA operates. Together, these publications offer a comprehensive view of AFSA’s regulatory approach and the evolving conditions of the personal property securities system.

This report has been written in plain English to make it accessible to a broad audience. As a result, the language may differ from that used in legislation or other technical documents. Its purpose is to support understanding, not to provide legal or technical advice, and it should not be relied upon for those purposes. For further information about this report, please contact media@afsa.gov.au.

Summary

Australia’s personal property securities system underpins the integrity of secured credit by enabling transparency, enforceability, and confidence in financial transactions involving personal property. Central to this system is the Personal Property Securities Register (PPSR), a critical component of the nation’s credit infrastructure.

The PPSR records financial agreements where personal property is used as collateral, clarifying which assets secure debts and who holds the associated rights. It also captures interests in personal property that effectively secure payment or obligations – such as leases, licensing and intellectual property use.  This visibility supports informed lending, protects parties involved in the transaction, and strengthens the proper functioning of the economy.

Currently, the PPSR holds registrations with a potential economic value of $450 billion – around 16% of Australia’s Gross Domestic Product (GDP) – highlighting its financial significance.^[2]

In 2024–25:

• Registration activity continued to grow, with 2.2 million new entries, totalling over 10.7 million active registrations.
• Search activity also increased, with more than 13.1 million searches conducted.
• Motor vehicles remained the most commonly registered collateral class, accounting for 69.0% of all new registrations.

The proper functioning of the PPSR relies on the accuracy and integrity of the data on it. An increasing number of amendment demand applications points to increased dispute activity and a growing emphasis on data accuracy. Additionally, the persistence of registrations without clear end dates, along with instances of missing or ‘unknown’ data, highlights opportunities to improve data quality. This in turn would help reduce AFSA’s administrative burden and improve usability for system users.

Overall, the PPSR remains well‑positioned to continue to support Australia’s $3.9 billion credit ecosystem, which continues to diversify in terms of users, industries, and asset types.

Market insights and macroeconomic context

Australia’s personal property securities system operates within a dynamic credit environment shaped by broader economic conditions, consumer behaviour, and business investment trends.

In 2024–25, stabilising macroeconomic indicators alongside emerging uncertainties had a direct impact on secured lending activity and the use of the PPSR. Understanding these shifts is essential to interpreting system performance, anticipating future demand, and identifying opportunities to strengthen the system’s resilience and responsiveness.

Economic conditions stabilised over the 12 months to June 2025, with recovery broadly back on track, although rising uncertainties persist. Since June 2022, Australia’s economy has grown modestly, but over the past year, growth exceeded expectations – expanding by 1.8% compared to the forecast of 1.6%. This stronger‑than‑anticipated performance was largely driven by robust household consumption in early 2025.

Despite these signs of recovery, uncertainty is mounting. The Reserve Bank of Australia (RBA) and financial market economists have continued revising GDP growth forecasts amid persistent concerns over low productivity. Business investment remained subdued in the June quarter, and while stronger household consumption and rising domestic demand may eventually lift business investment, the timing of this is unclear. The August 2025 National Australia Bank business survey supports this view, indicating that any near‑term acceleration in economic activity is likely to be gradual.

Cost‑of‑living pressures have eased for many households, supported by inflation returning to within the RBA’s target range. This contributed to the RBA’s first cash rate cut in May 2025, followed by another in August, bringing the rate down to 3.6%. Further cuts are anticipated, with forecasts suggesting the cash rate could fall to 3.1% by mid‑2026. However, the labour market is showing signs of strain, with unemployment rising to 4.3% in June 2025 – the highest since December 2021 – and expected to increase further.

Lower interest rates are expected to stimulate credit growth, which has been subdued for the past 3 years. Year‑on‑year credit growth has steadily increased since mid‑2024, reaching 6.9% over the 12 months to June 2025. Non‑housing secured credit grew above the system rate (10.1%) during this period but is now gradually converging with broader trends, largely due to the normalisation of motor vehicle demand, following the easing of global supply bottlenecks.

Following a strong growth period from early‑2023 to mid‑2024, PPSR activity has been moderating in line with cooling demand for motor vehicle‑related loans since late 2024. In 2023–24, the annual growth rate for both new registrations and searches was 7.9%, whereas in 2024–25 new searches and registrations activity grew by only 2%. PPSR searches, which closely track non‑housing secured credit (correlation +0.9), declined by 0.8% over the six months to June 2025 compared to the previous period. Registrations – over 70% of which relate to motor vehicles – also fell by 0.1% over the same period, reflecting slower vehicle demand. While PPSR activity is still growing, it is at a slower pace than in previous years as lending activity normalises.

With unemployment expected to rise over the next 12 months, demand for motor vehicles and other durable goods is likely to weaken further, signalling continued – though more moderate – growth in PPSR activity.

Benefits of using the PPSR

Protection for consumers

The PPSR offers consumers a reliable way to check whether goods they intend to purchase are free from existing financial claims. This helps prevent the unintentional purchase of items that are encumbered by outstanding debts and reduces the risk of post‑sale disputes or unexpected liabilities.^[3] By enhancing transparency, the PPSR plays a vital role in protecting consumers and building confidence in the marketplace.

Significance for businesses

For businesses, the PPSR is an essential tool for managing and securing working capital. It provides a mechanism to establish priority claims over collateral, which is particularly valuable in sectors that rely on inventory financing, equipment leasing, or trade credit. Assets such as goods, machinery, and vehicles can be registered to strengthen a business’s position in the event of debtor default. It also provides an additional layer of security for businesses that operate on consignment or use intangible assets (such as intellectual property and licencing rights) as collateral.

The register’s transparency also enhances a business’s credibility with lenders, making it easier to access credit and engage in transactions that might otherwise carry higher risk. By reducing uncertainty, the PPSR supports better cash flow management and contributes to a more resilient and competitive business environment.

Security for lenders

For lenders, the PPSR offers a critical layer of protection by enabling the registration of security interests over tangible and intangible assets. This ensures priority in the event of default, which is especially important when lending to higher‑risk borrowers or borrowers with a low asset-to-liability ratio, such as small businesses or individuals with limited credit histories. The PPSR helps lenders operate with greater confidence, even in more challenging credit environments.

PPSR snapshot

In 2024–25, 2.2 million new registrations were created, reflecting a 2.2% increase compared to 2023–24. Since the PPSR's launch in 2012, an average of over 2 million new registrations have been made each year.

The majority of new registrations were for Motor Vehicles (69.0%) and Other Goods – such as business equipment and merchandise (22.4%) – which aligns with longstanding trends.

Commercial registrations accounted for 79.1% of all new registrations in 2024–25, reaffirming that most register activity supports business‑to‑business lending and commercial credit arrangements. This strong commercial presence illustrates the register’s utility for businesses seeking to protect financial interests in assets supplied on credit, leased or used as collateral.

During the same period, there were over 13.1 million searches conducted on the PPSR – an increase of 2.3% from 
2023–24, following a 7.9% rise the year prior. Although the growth rate has slowed, the continued upward trend suggests growing public awareness of the financial protection the PPSR provides.

One indicator of how the PPSR is being used is the ratio of searches‑to‑new registrations. According to the World Bank, a ratio of parity (1:1) or greater suggests that users are actively engaging with the register as a risk management tool – conducting searches before entering into secured transactions.^[4] A lower ratio may indicate that registrations are being made as a procedural requirement rather than as part of a risk‑aware decision‑making process.

In 2024–25, the PPSR recorded a searches‑to‑new registrations ratio of 5.8 to 1 (Figure 2). While both search and registration volumes continue to grow, the stability of the ratio over recent years indicates that the register has reached a level of operational maturity. This reflects a well‑established user base that understands and values the protections the PPSR provides.

System trends and insights

Registrations

Registration data provides AFSA with insight into who is securing credit, which assets are involved and the way that registrations are made – highlighting the PPSR’s role in supporting credit markets and risk management across diverse industries and user groups.

As at 30 June 2025, the PPSR contained more than 10.7 million active registrations, reflecting a 2.3% increase on the previous year. This continued growth highlights the register’s role as a core piece of financial infrastructure in Australia’s credit and lending environment.

The PPSR holds total registrations with a potential economic value of $450 billion, equivalent to approximately 16% of Australia’s GDP over the year to June 2025.^[5] This figure underscores the register’s economic importance as a mechanism for enabling secured transactions, reducing financial risk and supporting liquidity across a wide range of sectors.

Personal property types

The PPSR enables various types of personal property to be used as collateral for securing credit. When registering, users must specify both a collateral type (consumer or commercial property) and a collateral class, which categorises the type of asset involved. This classification is crucial, as it cannot be altered once confirmed and directly impacts both enforceability and protection.

In 2024–25, the most commonly registered collateral classes were Motor Vehicles (69.0%), Other Goods (22.5%), and All Present and After Acquired Property (All‑PAAP) No Exceptions (4.3%) (Figure 3). This highlights the ongoing dominance of motor vehicles and other goods in secured lending and leasing arrangements.

• Motor Vehicles encompass a wide range of assets, including cars, trucks, caravans, trailers, tractors and diggers, all commonly financed or leased in both consumer and commercial contexts.
• Other Goods includes various tangible items that don't fall under other categories, such as machinery, printers, coffee machines, jewellery or artwork.
• All‑PAAP, with or without exceptions, typically refers to all current and future personal property owned by a grantor. This is often used by businesses to secure financing through a general security deed with their primary financier.

In addition to these commonly used classes, the PPSR also accommodates more specialised forms of personal property, including Intangible Property (such as intellectual property rights) and Watercraft (including fishing boats, jet skis and yachts). These specialised categories cater to niche or high‑value commercial transactions, showcasing the PPSR’s flexibility in supporting a broad range of asset‑backed financing options.

Over the past decade, motor vehicles have remained the dominant collateral class on the PPSR. However, their share of new registrations has declined from 72.5% in 2015–16 to 69.0% in 2024–25 (representing a 4.7% relative decrease), reflecting cooling demand for motor-vehicle related loans since late 2024 and potentially suggesting a gradual diversification in the types of assets being used in secured lending.

New Other Goods registrations have increased from 20.7% in 2015–16 to 22.5% in 2024–25, an 8.3% relative increase, reflecting broader uptake across industries and asset types.

The most notable relative growth in new registrations is in Intangible Property, which rose from 0.7% in 2015–16 to 1.1% in 2024–25 – a 54.1% relative increase. While still a small proportion overall, this shift highlights growing awareness of the PPSR’s role in protecting non-physical assets such as intellectual property.

New All-PAAP With Exception registrations grew from 1.2% in 2015–16 to 1.8% in 2024–25, a 47.9% relative increase, pointing to greater use of tailored security arrangements. Meanwhile, new All-PAAP No Exception registrations rose from 3.1% in 2015–16 to 4.3% in 2024–25, up 41.0% relatively, reinforcing its continued relevance in broad-based lending structures.^[6]

In contrast, new Watercraft registrations fell from 0.6% in 2015–16 to 0.3% in 2024–25, a 47.0% relative decrease, suggesting a reduced role for marine assets in lending – potentially due to changing consumer demand or financing practices.

The data reflects a consolidation of dominant asset classes, such as motor vehicles and other goods, alongside evolving patterns in how collateral is used. The rise of tailored security arrangements and the decline in niche categories like Watercraft demonstrate a dynamic, shifting context in how businesses and individuals interact with the PPSR. These trends point to more sophisticated use of the PPSR among users and a system that is adapting to the changing needs of users and the broader economy.

Industry sector of grantors

A grantor is an individual or organisation that owns or has an interest in the personal property to which a security interest is attached. While grantors do not register interests on the PPSR themselves, analysing grantor industries provides valuable insight into which sectors are most commonly offering personal property as collateral.

In 2024–25, the largest reported grantor group was individuals, accounting for 32.0% of new registrations (Figure 4). This was followed by businesses in the construction industry (8.4%) and Rental, Hiring and Real Estate Services (6.7%). The prominence of these industries suggests that personal property is frequently used as collateral in their financing arrangements, or that these industries typically use goods purchased via financing or leasing arrangements as collateral to secure lending.

Industry sector of secured parties

When a secured party – such as a financing company – registers a security interest over collateral (like a motor vehicle), it provides an added layer of confidence when extending credit or services. For businesses and lenders operating under arrangements like retention of title or consignment, these registrations help to secure interests in goods that haven’t yet been fully paid for. This protection helps both consumers and businesses by helping them maintain priority to recover goods or funds if their counterparty becomes insolvent.

In 2024–25, the Financial and Insurance Services sector accounted for the majority of secured‑party registrations (68.6%), underscoring the PPSR’s role in enabling lenders and financial institutions to extend credit with greater confidence – ultimately helping to facilitate economic activity (Figure 5).

Wholesale Trade (8.3%) and Rental, Hiring and Real Estate Services (6.0%) were the next largest sectors. These industries often supply large volumes of goods, machinery or equipment to customers, frequently before full payment. The PPSR’s use in these sectors suggests it plays a helpful role in protecting businesses operating on wholesale or consignment models, reinforcing their ability to manage risk.

Users and channels

High‑volume businesses, particularly financial institutions and large‑scale lenders, typically access the system through business‑to‑government (B2G) channels, integrating the PPSR into their workflows to efficiently register secured interests. In contrast, individuals and smaller businesses often use the WebUI channel, which offers a more accessible, user‑friendly interface for less frequent or smaller‑scale transactions.

In 2024–25, approximately 1.8 million new registrations (80.0%) were made through the B2G channel, while 0.4 million (19.9%) were submitted through the WebUI (Figure 6). This distribution reflects the distinct user groups engaging with the PPSR. Businesses and financial institutions account for the majority of registrations, reflecting their high‑volume use of secured lending. In contrast, individuals and smaller entities contribute a smaller share, typically registering interests in lower volumes and for more specific transactions.

Registration duration

When registering an interest, secured parties must select a duration: 7 years, up to 25 years, or a custom end date shorter than 25 years. In specific cases, they can opt for no end date, which remains valid in some circumstances – for example, when there is a General Security Agreement or General Security Deed for a substantial loan or ongoing line of credit.

In the 2024–25 financial year, 93.4% of new registrations were made with a 7‑year duration (Figure 7). A further 3.6% were for longer than 7 years but less than 25, while 3.0% used no stated end date. 

At 30 June 2025, most current registrations on the PPSR – 68.6% or 7.3 million – had a duration of 7 years or less, which is the minimum registration term available (Figure 8). These registrations reflect the typical lifespan of secured interests, with lenders and businesses renewing them to maintain protection over personal property.

At the same time, 18.3% of current registrations (2.0 million) had no set end date, down from 24.5% a decade earlier. Of these, 47.2% (924,648) originated from legacy records migrated into the PPSR when it launched in 2012, while the remaining 52.8% (1,036,280) were created since its establishment. While valid, open‑ended registrations can create uncertainty for borrowers and lenders, complicating finance arrangements and obscuring the status of security interests. Their indefinite nature can lend itself to a “set and forget” approach, where registrations are left in place long after the underlying interest has ended. Over time, this can result in outdated or misleading records, making it harder to assess the true status of security interests in personal property. Maintenance and timely discharge are therefore essential, helping to clear the record and support smoother credit access.

Some registrations, such as those over consumer property or identified by serial numbers (common with motor vehicles and boats), are limited to a maximum of 7 years. Given that motor vehicle registrations make up nearly half of all new registrations and typically use serial numbers, this restriction plays a significant role in shaping registration durations.

Searches

Searches on the PPSR reflect how users access and verify security interests, with institutional users dominating volumes and casual users steadily growing. Examining search patterns helps highlight key user needs and opportunities to improve system accessibility and effectiveness.

Searching the PPSR is fundamentally an act of risk mitigation. Whether it’s an individual checking for existing debts before purchasing a second‑hand vehicle, or a business verifying asset ownership and competing claims before entering into a sale or lease, searches reflect a desire for transparency and confidence. PPSR searches allow users to uncover hidden liabilities and ensure their interests are protected before committing to a transaction – particularly when dealing with second‑hand goods or asset‑backed lending.

Over the past decade, search volumes have grown steadily, reflecting increased public awareness and trust in the system (Figure 9). In 2024–25, the register recorded 13.1 million searches, up from 8.1 million ten years earlier – an average annual growth rate of 5.2%. In the post‑COVID‑19 (2022–23 to 2024–25), annual growth has risen slightly faster at an average of 5.6%, which has outpaced both real GDP growth of 2.1% and population growth of 1.6% over the same period.^[8] As more people search before they transact, the register is not only fulfilling its legal role but is also becoming embedded in a culture of financial due diligence.

Users

In 2024–25, the PPSR recorded 13.1 million searches, with the majority (79.1%) undertaken by B2G account holders – mainly large institutional users such as banks and leasing companies (Figure 10). WebUI customers, often small and medium‑sized businesses, accounted for 11.3%, while casual users made up 9.4%, a smaller but growing segment. A small number of searches were also processed through the AFSA Service Centre.

Casual users (members of the public who don’t need to register an account) can perform searches for a $2 fee. This simple, accessible option allows individuals to check for disclosed debts on a vehicle or other property before making a purchase. Over the past decade, casual searches have grown at an average of 12.8% annually, suggesting increasing public awareness and reliance on the PPSR for everyday transactions.

Meanwhile, B2G searches have grown steadily at 5.6% annually. In contrast, WebUI searches have plateaued with only 0.5% annual growth, which may indicate a shift towards automated systems or point to opportunities to improve usability and support for smaller businesses.

Together, these trends show a PPSR landscape where institutional use remains strong but public engagement is steadily rising, highlighting the importance of catering to both high‑volume users and everyday consumers. The growing volume of searches, especially among casual users, suggests that awareness is increasing, and that more Australians see the PPSR as a normal part of good decision‑making.

Search types

There are 2 primary ways to search the PPSR: by the property’s serial number (such as a vehicle’s VIN) or by the grantor’s details –the individual or organisation that granted the security interest. For example, a grantor search might use an Australian Company Number (ACN) to find all secured assets linked to that entity.

In 2024–25, serial number searches dominated, particularly for motor vehicles, which accounted for over 7.25 million searches, or 55.4% of all searches (Figure 11). This reflects strong consumer and lender interest in verifying vehicle ownership and debt status. Buyers want to make sure a car doesn’t have any money owing on it, while lenders want to be confident that the vehicle isn’t already being used as security for someone else’s loan. The same principles apply across commercial sectors, where businesses check the register to ensure suppliers or customers aren’t already burdened by prior claims.

Organisational grantor searches followed, with 5.35 million queries (40.9%). Individual grantor searches made up 1.9%, and registration number searches accounted for 1.5%. Other serial number categories – including aircraft, intellectual property, and watercraft – together represented less than 0.5% of total searches.

These patterns underscore the PPSR’s crucial role in verifying motor vehicle interests, especially in consumer and commercial transactions. The steady use of grantor‑based searches also highlights institutional due diligence practices. Meanwhile, the variety of search types demonstrates the system’s broad applicability across different asset classes.

Over the past decade, these search method trends have remained remarkably consistent. Motor vehicle serial number searches consistently make up the majority, followed by organisational grantor searches, with other search types holding steady at smaller volumes. This stability reflects ongoing, reliable usage across diverse user groups and asset categories.

Amendments and discharges

Secured parties ensuring registrations are discharged in a timely way after a security interest ends, as well as ensuring registrations remain accurate by amending where necessary, helps maintain the accuracy and currency of the PPSR. These actions ensure the register provides reliable, up‑to‑date information to all stakeholders, thus reducing risks, facilitating smoother transactions and improving access to credit.

Over the past decade, the number of amendments has been volatile, while the number of discharges has remained fairly flat, though it is showing a sight upwards trend (Figure 12).

Discharges

Discharges remove registrations when the underlying security interest ends, helping to keep the register current and relevant. It is important that discharges occur in a timely manner to avoid outdated registrations preventing users from accessing future lines of credit.

In 2024–25, 2.0 million discharges were recorded, with most of which were for Motor Vehicles (35.1%), reflecting their dominance in overall registrations. Other Goods followed with 10.7%, while all other collateral classes each accounted for less than 3%.

The largest share of discharges (93.1%) was linked to registrations with a duration of 7‑years or less, consistent with the minimum registration term. Only 6.9% came from registrations lasting between 7 and 25 years, and discharges for registrations with no stated end date were negligible.

In terms of user channels, B2G users performed the majority of discharges (73.1%), while WebUI users accounted for 26.9%. Although WebUI users submit a smaller share of current registrations (20.3%), their higher proportion of discharges implies they may be more hands‑on in managing registration lifecycles.

Interestingly, Motor Vehicle registrations are discharged at a rate significantly higher than their share of current registrations (70.3% vs. 47.3%), indicating a high turnover – likely due to short‑term financing and frequent asset transfers. Conversely, Other Goods are discharged less frequently (21.4% of discharges vs. 30.9% of registrations), suggesting longer retention periods. All‑PAAP registrations are also underrepresented in discharges, consistent with their use in longer‑term or ongoing security arrangements. Smaller asset classes like Aircraft, Watercraft, Agriculture, and Financial Property have discharge rates proportional to their smaller registration volumes.

Amendments

Amendments allow secured parties to update registrations when details change, for example, adjusting the registration end date or correcting grantor information. The ability to amend registrations on the PPSR is crucial for maintaining the accuracy and reliability of the PPSR, particularly due to the potential for expired or incorrect registrations to limit access to credit or delay commercial transactions. This is because the presence of outdated or erroneous registrations can delay access to credit for affected users or prevent commercial re‑entry, particularly for those with limited means to navigate the resolution process. Maintaining the PPSR’s reliability and accuracy is important to reducing barriers to participation and supporting fairer outcomes for all users.

Over the past decade, amendments have declined by 11.5%, from 2.18 million in 2015–16 to 1.93 million in 2024–25. However, annual numbers remain volatile. A major contributor to amendments is address for service change, which accounts for 73.2% of amendments over the life of the PPSR. These amendments reflect users of the PPSR maintaining their contact and record details to keep the information on the PPSR accurate and up‑to‑date.

Motor Vehicle registrations accounted for nearly half (49.2%) of all amendments in 2024–25, closely mirroring their share of current registrations (47.3%). Similarly, Other Goods comprised 31.1% of amendments, consistent with their 30.9% share of registrations. Notably, All‑PAAP registrations (both No Exception and With Exception) were overrepresented in amendments relative to their share of new registrations. This suggests that these broader security interests are more frequently updated, possibly due to changes in security scope or grantor details.

Amendment demands

Ideally, disputes relating to registrations are resolved directly between the secured party and the grantor. However, if the dispute continues after this contact, a party with an interest in the collateral can apply to have a registration amended or removed through the amendment demand administrative process (ADAP), a key mechanism for maintaining the accuracy of the PPSR. The process allows individuals or organisations to challenge registrations they believe are incorrect, outdated, or invalid. This can be initiated through:

• the administrative process under section 181 of the PPS Act, handled by the Registrar, or
• the judicial process under section 182 of the PPS Act, involving court orders for amendments or removals.

In 2024–25, AFSA processed a total of 2,797 amendment‑related applications, including 2,190 administrative amendment demands, 216 judicial amendment demands, and 390 applications for removal of data or correction of registration errors. These efforts resulted in 1,117 registrations being amended, with 7 cases escalating to the Administrative Review Tribunal.

The Registrar also has the authority to amend or remove registrations proactively if retention is contrary to the public interest or to correct errors. In 2024–25, the Registrar removed 198 registrations in response to ADAPs on the grounds of deeming them either frivolous or vexatious in nature. While data on Registrar‑initiated amendments remains limited, this function plays a vital role in upholding register integrity.

The amendment demand process requires significant agency resourcing which can impact day‑to‑day operations. The increase in disputes (rising from 1,573 in 2023–24 to 2,191 in 2024–25) highlights challenges in timely discharges and amendments and suggests that there may be inefficiencies in the system that might affect users' ability to access credit.

Glossary and technical notes

Administrative Review Tribunal (ART): A legal body that reviews decisions made under the PPSR, including disputes about registrations and amendments.

All‑PAAP (All Present and After Acquired Property): A broad form of collateral that covers all current and future personal property of a grantor. Often used in general security agreements between businesses and lenders. Can be with or without exceptions.

Amendment: An update to an existing registration, such as changing the end date or correcting grantor details.

Amendment Demand Administrative Process (ADAP): A formal process for disputing or correcting a registration on the PPSR.

B2G (Business-to-Government): A high‑volume access channel used by businesses to integrate PPSR functionality into their systems.

Casual user: A person who performs one‑off searches on the PPSR without creating an account, typically for personal transactions.

Collateral: The personal property that is subject to a security interest. Examples include vehicles, equipment, crops, intellectual property, and inventory.

Collateral class: A category used to describe the type of personal property being registered. Common classes include Motor Vehicles, Other Goods, All‑PAAP, Intangible Property, and Watercraft.

Discharge: The removal of a registration from the PPSR when the underlying obligation has been fulfilled or the security interest is no longer valid.

Duration of registration: The length of time a registration remains active. Options include 7 years, 25 years, or no stated end date.

Grantor: The person or organisation who owns the personal property and grants a security interest over it.

Grantor search: A search using the name or identifier of a person or organisation to find all registered security interests against their property.

Personal Property Securities (PPS): Legal rights that allow a lender or seller to claim an interest in personal property (non‑land assets) as security for a loan or obligation.

Personal Property Securities Register (PPSR): Australia’s national online noticeboard for registering and searching security interests in personal property. It helps lenders, businesses, and consumers manage risk and verify ownership.

Registration: The act of recording a security interest on the PPSR. It includes details about the collateral, the grantor, and the secured party.

Secured party: The person or organisation (usually a lender or seller) who holds the security interest and registers it on the PPSR.

Security interest: A legal claim over personal property that secures payment or performance of an obligation. If the borrower defaults, the lender may enforce the interest.

Serial number search: A search using a unique identifier (e.g. Vehicle Identification Number) to check for security interests on specific assets.

The Big Four banks: Consists of the Commonwealth Bank of Australia, Australia and New Zealand Banking Group Limited (ANZ Bank), Westpac Banking Corporation (Westpac), and National Australia Bank (NAB).

WebUI (Web User Interface): The online portal account users (individual and business) to create, manage, and view registrations, search for security interests in vehicles and other assets, and maintain their account information.

Endnotes

[1] With the exception of planned maintenance outages.

[2] This estimate reflects the maximum potential economic value of the PPSR, based on proxy assumptions using RBA credit data. It assumes: (1) collateral value is approximately 90–95% of secured (non-housing) credit; (2) the secured lending ratio reported by the Big Four banks represents the broader system; and (3) nearly all secured non-housing lending is registered on the PPSR. As such, this figure should be interpreted as an upper-bound estimate, contingent on optimal system usage.

[3] Noting that an encumbrance doesn’t travel with the collateral. However, if not satisfied, the financier can repossess the collateral to satisfy the unpaid monies.

[4] Alvarez de la Campa, Alejandro; Croci Downes, Santiago; Hennig, Betina Tirelli. Making security interests public: registration mechanisms in 35 jurisdictions (English). Washington, DC: World Bank.

[5] This estimate reflects the maximum potential economic value of the PPSR, based on proxy assumptions using RBA credit data. It assumes: (1) collateral value is approximately 90–95% of secured (non-housing) credit; (2) the secured lending ratio reported by the Big Four banks represents the broader system; and (3) nearly all secured non-housing lending is registered on the PPSR. As such, this figure should be interpreted as an upper-bound estimate, contingent on optimal system usage.

[6] All present and after acquired property (All-PAAP) with and without exceptions: this generally describes all of the current and future personal property of a grantor. It is similar to the pre-PPSR security known as a fixed and floating charge. An All-PAAP is often granted by businesses to their main financier under a general security deed.

[7] Note: there are a very small number of registrations which were made prior to 2015, when an account was not required in order to make a registration. These largely reflect registrations that AFSA made on behalf of other parties.

[8] GDP growth is adjusted for inflation; Adult population growth is defined as those 15 years and above by the Australian Bureau of Statistics