Introduction
The Australian Financial Security Authority (AFSA) publishes annual State of the System reports for Australia’s personal insolvency and personal property securities systems. The reports use data and system intelligence to identify significant trends and build understanding of how the systems are changing.
This report provides an evidence-based view of Australia's personal property securities system in 2025–26. It uses Personal Property Securities Register (PPSR) data and regulatory intelligence to identify significant trends, assess system performance and highlight areas for further analysis.
The report is intended to:
- inform strategic decision‑making across government and industry
- support public understanding of the personal property securities system’s role in supporting credit markets and economic activity
- provide insights into how secure lending practices are evolving
- identify emerging pressures, trends and opportunities that may shape the systems into the future.
Background
AFSA administers Australia's personal property securities (PPS) system, established under the Personal Property Securities Act 2009 (Cth). The personal property securities system is the legal framework that governs security interests in personal property. Central to the system is the PPSR, Australia's online noticeboard for security interests in personal property.
Personal property includes both physical assets, such as motor vehicles, machinery and equipment, and non-physical assets, such as intellectual property, licences and accounts receivable.
The PPSR helps businesses, lenders and consumers manage risk by allowing security interests to be registered and searched. A well-functioning PPS system supports access to finance, informed decision-making and confidence in Australia's broader credit system.
How to use this report
This report is intended for government, industry, practitioners, media and the Australian community. It provides insights into how Australia's personal property securities system is evolving and what those changes may mean for policy, regulation and system users.
It is designed to be read alongside AFSA’s Regulatory Strategy 2023–27 and annual Regulatory Action Statement. While those documents describe AFSA's regulatory priorities and planned activities, this report provides analysis of the broader system environment and emerging trends.
This report has been written in plain English to support accessibility and understanding. It is not intended to provide legal or technical advice.
Summary
The Personal Property Securities System is a critical component of the Australia’s credit infrastructure. It comprises the Personal Property Securities Register (the online public register for security interests in personal property) and the Registrar of Personal Property Securities (responsible for managing and maintaining the register), and supports lending, reduces risk and provides confidence in secured transactions to system participants across the economy.
The PPSR remained widely used
The Personal Property Securities Register (PPSR) continued to perform strongly in 2025–26. It recorded nearly 2.3 million new registrations and nearly 13.7 million searches in 2025–26. New registration volumes remained broadly stable and searches increased by 4.4%. Most activity continued to occur through high-volume business-to-government channels, showing that the register remains embedded in the systems and processes used by lenders and other business users.
Casual searches increased by 14.0%, driven predominantly by motor vehicle searches. This indicates growing direct public use of the PPSR, suggesting increasing awareness of the protections the register provides and its role in helping consumers and businesses make informed decisions.
Registrations involving intangible property increased from a small base
New registrations involving intangible property increased by 14.0%, from 23,689 to 27,012 in 2025–26, which points to broader use of the register beyond traditional physical assets. Despite intangible property only accounting for around 1.2% of all new registrations, this was one of the larger year-on-year movements among collateral classes and may suggest growing awareness that intangible property (including intellectual property) can be protected through the PPSR.
Stewardship improved the accuracy of register information
AFSA worked with more than 100 secured parties to review registrations with no stated end date. This contributed to the removal of more than 195,000 additional registrations above 2024–25 levels that secured parties identified as no longer having a valid security interest. Timely discharge of registrations reduces the risk of outdated information creating unnecessary barriers to credit and support confidence in secured transactions.
AFSA also processed 4,476 amendment-related applications, 60% more than in the previous year. This indicates an increased awareness of the need to ensure registrations are correct, updated or removed.
Looking ahead, changes in the way individuals and businesses use the PPSR will remain important areas for monitoring. AFSA will continue to use system data and regulatory intelligence to understand these trends and support the effectiveness, integrity and accessibility of Australia's personal property securities system.
PPSR snapshot
Figure 1: Snapshot of PPSR activity in 2025–26
Source: AFSA
System trends and regulatory insights
PPSR data and regulatory activity provide insights into how the register is being used and maintained. Three themes stand out in 2025–26:
- the PPSR remains a mature and trusted piece of economic infrastructure
- the PPSR is supporting a broad range of commercial arrangements
- there is an increasing focus on maintaining the quality and integrity of register information.
The following sections explore these trends and what they may indicate about the future direction of Australia's personal property securities system.
The PPSR continues to see sustained activity and usage – reflecting its role as a fundamental pillar in credit security
The PPSR continues to play an important role in Australia's credit infrastructure. In 2025–26, registration and search activity remained strong, indicating the register continues to be widely used by businesses, lenders and consumers to support secured transactions and informed decision-making.
The PPSR recorded 2.3 million new registrations and 13.7 million searches during the year. Registration activity remained broadly stable while search activity continued to grow.
Most activity continued to be generated by commercial users (such as banks and leasing companies). Eighty per cent of new registrations and 78.9% of searches were undertaken through business-to-government (B2G) channels. Financial and insurance services accounted for most secured party registrations, reinforcing the register's role in supporting lending and secured finance arrangements across the economy.
Figure 2: Search activity, 2016–17 to 2025–26
Source: AFSA
Search activity continues to outpace registration activity
Search activity has grown more strongly than new registration activity over the past decade. While registrations have remained relatively stable, search activity has continued to increase.
One indicator of how the PPSR is being used is the searches-to-new-registrations ratio. According to the World Bank[1], a high ratio of searches to registrations suggests that the registry is being used as a risk management mechanism (i.e, to determine if there are prior encumbrances of prospective collateral). This suggests users are actively engaging with the register as a risk management tool rather than simply recording interests. In 2025–26, the PPSR recorded a search to registration ratio of 6:1.
The stability of this ratio over time suggests the PPSR has reached a level of operational maturity. Users appear to be routinely relying on PPSR information when making lending, purchasing and commercial decisions, rather than using the register solely to record security interests.
Figure 3: Searches-to-new-registration ratio, 2016–17 to 2025–26
Source: AFSA
The PPSR is supporting a broader range of assets and commercial arrangements
The PPSR supports a wide range of secured transactions involving both physical and non-physical assets. While traditional asset classes continue to account for most registrations, recent activity suggests businesses are increasingly using the register to protect a broader range of assets and financing arrangements.
For example, registrations relating to aircraft increased by 34.4% during 2025–26, while registrations involving intangible property increased by 14.0%.
Registrations involving intangible property increased
Registrations relating to intangible property[2] increased by 14.0%, from 23,689 registrations in 2024–25 to 27,012 registrations in 2025–26. While intangible property remains a relatively small proportion of overall PPSR activity, this was one of the more notable shifts in registration activity during the year.
The increase suggests businesses are using the PPSR to secure a broader range of assets and financing arrangements than in previous years.
Figure 4: New registrations involving intangible property, 2016–17 to 2025–26
Source: AFSA
Traditional asset classes continue to account for most registrations on the PPSR. Motor vehicles, other goods and broader commercial security interests remain central to lending, leasing and asset-finance arrangements recorded on the register.
The growth in intangible property registrations therefore does not indicate a shift away from traditional forms of collateral. Rather, it suggests the register is being applied across a broader range of assets than in previous years
As the Australian economy becomes more service-oriented and knowledge-based, non-physical assets are becoming increasingly important to business value and financing arrangements. The growth in intangible property registrations may reflect increasing awareness of how these assets can be secured and protected through the PPSR.
Figure 5: Current registrations by collateral class, 2025–26
Source: AFSA
Increasing focus on maintaining the quality and integrity of register information
The effectiveness of the PPSR relies on more than registrations and searches. It also depends on the accuracy and relevance of the information held on the register.
Several indicators suggest users are placing greater emphasis on maintaining register information throughout the lifecycle of a security interest:
- amendment activity has increased by 10.6% over the past decade
- most discharges (84.3%) were actively initiated by secured parties rather than occurring automatically when registrations reached their expiry date
- demand for amendment-related applications increased significantly, with 4,476 applications processed by AFSA in 2025–26, up by 60.0% from the previous year.
Figure 6: Discharges, 2017–18 to 2025–26
Source: AFSA
One of the more significant developments in 2025–26 was the continued reduction in registrations with no stated end date. These registrations can remain on the register long after the underlying security interest has ceased, creating unnecessary barriers to credit and commercial transactions.
This reduction was supported by targeted stewardship activities. As part of its 2025–26 Regulatory Action Statement focus, AFSA worked with more than 100 secured parties (which held more than 80% of the registrations targeted through the initiative) to identify and remove registrations that no longer had a valid security interest.
This contributed to the removal of more than 195,000 additional registrations above 2024–25 levels.
PPS outlook
The PPSR will continue to play an important role in Australia’s credit system. In 2026–27, AFSA expects search and registration activity to remain at historically high levels, reflecting the register's continued role in supporting lending, investment and commercial activity across the economy.
The trends identified in this report suggest the PPSR is entering a more mature phase of its development. As usage grows and a broader range of assets are recorded on the register, the quality, accessibility and usability of PPSR information will become increasingly important.
AFSA expects 3 areas to remain a focus in the years ahead:
- maintaining the accuracy, integrity and currency of register information
- improving understanding of changing asset classes, including intangible property
- enhancing the accessibility and usability of PPSR information for businesses, lenders and consumers.
Technology and data will play an important role in supporting these outcomes. Greater use of data analytics and regulatory intelligence will help identify emerging risks earlier, target regulatory effort where it can have the greatest impact and improve the quality of information held on the register. Improved digital capability also creates opportunities to make PPSR information easier to access, understand and use.
For AFSA, the focus ahead is on supporting a register that is accurate, accessible and responsive to changing user needs. This will help ensure the PPSR continues to support transparency, confidence and efficient credit markets as Australia’s economy evolves.
Source: AFSA
Appendix A: Detailed registration and search activity
Overview
The PPSR continued to experience high levels of activity during 2025–26. Nearly 2.3 million new registrations and nearly 13.7 million searches were recorded during the year.
The data in this appendix provides detailed information on registration and search activity that underpins the trends discussed in the main report.
Searches
Search activity continued to grow during 2025–26, increasing by 4.4% from the previous year to nearly 13.7 million searches.
Institutional users (e.g. credit reporting agencies) continued to account for most search activity.
Table A1: Proportion of PPSR searches by search channel, 2025–26
| Search channel | Share of searches |
|---|---|
| B2G |
78.9% |
| Web UI |
10.8% |
| Casual user |
10.2% |
| AFSA Service Centre and internal |
0.1% |
Source: AFSA
Registrations
Registration activity remained broadly stable during 2025–26, with 2,266,735 new registrations recorded.
Most new registrations were lodged through B2G channels.
Table A2: Proportion of PPSR searches by registration channel, 2025–26
| Registration channel | Share of registrations |
|---|---|
| B2G |
80.0% |
| Web UI |
20.0% |
Source: AFSA
Registration duration
Most registrations continued to be recorded for shorter durations.
Table A3: Proportion of new registrations by registration duration, 2025–26
| Registration duration | Proportion of registrations |
|---|---|
| <1 year |
1.1% |
| 1–7 years |
91.8% |
| 7–25 years |
3.6% |
| No stated end date |
3.4% |
Source: AFSA
The predominance of registrations with durations between one and 7 years reflects the types of financing and secured transactions most commonly recorded on the PPSR.
Public use of PPSR information
Public use of the PPSR continued to increase during 2025–26, with casual searches increasing by 14.0%.
Motor vehicles remained the most commonly searched asset type for casual users, accounting for 92.8% of casual searches.
Table A4: Proportion of PPSR searches by casual search type, 2025–26
| Casual search type | Share of casual searches |
|---|---|
| Motor vehicles |
92.8% |
| Other assets |
7.2% |
Source: AFSA
Consumer registrations
When lodging a registration, users identify both the type of property and the relevant collateral class.
The most common collateral classes for consumer registrations in 2025–26 were:
Table A5: Proportion of new registrations by collateral class, 2025–26
| Collateral class | Share of consumer registrations |
|---|---|
| Motor vehicles |
69.0% |
| Other goods[3]: |
21.6% |
| All PAAP (no exceptions)[4]: |
4.8% |
Source: AFSA
Intangible property
Registrations relating to intangible property increased by 14.0%, from 23,689 registrations to 27,012 registrations in 2025–26.
Table A6: Proportion of new intangible property registrations by collateral class, 2025–26
| Collateral class | Share of intangible property registrations |
|---|---|
| General intangible property |
61.6% |
| Accounts receivable |
29.2% |
| Trademarks |
6.9% |
Source: AFSA
Appendix B: Register stewardship and integrity
Overview
Maintaining accurate and current PPSR information is essential to the effective operation of the personal property securities system. The data in this appendix provides additional detail on amendment, discharge and correction activity undertaken during 2025–26.
Amendments by registration duration
Most amendments in 2025–26 related to registrations with durations between one and 7 years. A substantial proportion also related to longer-dated registrations.
Table B1: Proportion of amendments by duration of registration, 2025–26
| Registration duration | Share of amendments |
|---|---|
| 1–7 years |
70.6% |
| 7–25 years |
25.6% |
| Other durations |
3.8% |
Source: AFSA
This indicates that users continue to review and update registrations throughout their lifecycle, including registrations with longer durations.
Discharges
Discharges remove registrations where a security interest has ended, helping maintain the accuracy and relevance of information held on the PPSR.
Table B2: Proportion of discharged registrations by discharge type, 2025–26
| Discharge type | Share of total discharges |
|---|---|
| Active discharges |
84.4% |
| Passive discharges |
15.6% |
Source: AFSA
Discharges by registration duration
Most discharges related to registrations with durations between one and 7 years.
Table B3: Proportion of discharged registrations by duration of registration, 2025–26
| Discharge duration | Share of discharges |
|---|---|
| 1–7 years |
80.3% |
| Other durations |
19.7% |
Source: AFSA
Further analysis shows:
- 79.4% of active discharges related to registrations with durations between one and 7 years
- 85.1% of passive discharges related to registrations with durations between one and 7 years
- the number of discharged registrations with no stated end date increased by 280.1% during 2025–26.
Amendment demand and correction activity
The PPS Act provides mechanisms that allow interested parties to seek amendment, removal or correction of registration information where agreement cannot be reached directly.
In 2025–26, AFSA processed 4,476 amendment-related applications.
Table B4: Volume of applications to amend registrations by application type, 2025–26
| Application type | Volume |
|---|---|
| Administrative amendment demands |
2,220 |
| Judicial amendment demands |
32 |
| Applications for removal or correction |
2,224 |
| Total |
4,476 |
Appendix C: Methodology and technical notes
Purpose
This report uses PPSR administrative data and regulatory intelligence to identify trends and observations about Australia's personal property securities system.
The analysis is intended to support understanding of system activity and user behaviour. It should not be relied upon as legal advice or a definitive interpretation of obligations under the Personal Property Securities Act 2009.
Data sources
Unless otherwise stated, data in this report has been drawn from administrative records held by AFSA relating to the operation of the PPSR.
The report also incorporates regulatory intelligence gathered through AFSA's stewardship, compliance and engagement activities.
While historical trend analysis is presented, figures are based on data available at the time of publication.
Limitations
The report identifies observed trends, patterns and changes in system activity. These observations do not necessarily demonstration causation.
Changes in registration or search activity may be influenced by a range of factors, including:
- economic conditions
- lending practices
- business activity
- user behaviour
- regulatory settings.
Readers should consider the report alongside other available information when interpreting trends and outcomes.
Figure 7: Using the PPSR to perfect a security interest
Source: AFSA
Appendix D: Glossary
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.
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.
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Case study: Sam's surgical robot
Sam's company repaid a loan used to purchase a surgical robot. However, when Sam’s company sought to sell the robot having repaid the loan in full, a PPSR search showed the security interest was still registered.
Sam sent the secured party an amendment demand letter requesting removal of the registration on the basis that the debt had been repaid in full. The secured party acknowledged receipt of Sam’s request but failed to remove the registration.
As the registration was creating uncertainty for the potential buyer, Sam applied to the Registrar for administrative intervention. Sam provided the Registrar with a copy of the demand sent to the secured party and proof the loan had been repaid in full.
The Registrar issued an amendment notice to the secured party advising that the registration would be removed unless they provide evidence of their valid security interest. The secured party failed to respond to the Registrar.
The Registrar reviewed Sam’s material and concluded that the registration should not continue to burden the collateral as the evidence demonstrated the security interest had been fully extinguished and the secured party had failed to correct the register following Sam's request.
Pursuant to section 181 of the Personal Property Securities Act 2009 (Cth), the Registrar removed the registration, allowing the sale to proceed.
This example demonstrates how the amendment demand process can help ensure PPSR information remains accurate and reflects the current legal position.
Endnotes
[1] 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.
[2] The intangible property class includes intellectual property, contractual rights, accounts (i.e. property that takes the form of an obligation to pay, such as accounts receivables), trademarks, patents and copyrights.
[3] 'Other goods' is a collateral class and means personal property that is goods, other than agriculture, aircraft, motor vehicles and watercraft and includes office equipment, art, electronics, whitegoods, and even space satellites.
[4] This describes all of the current and future personal property of a grantor. An All-PAAP is often granted by businesses to their main financier under a general security deed.