The ongoing housing crisis remains a hot topic and one of the major concerns for many Australians. Figures from Equifax1 confirm a troubling trend: home ownership in Australia becomes a progressively distant aim for younger people.
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The ramifications are serious if a registration lapses due to non-renewal. A lapsed registration cannot be restored. It will simply disappear, never to be seen again. If you don’t have a warning system that notifies you of approaching expiries, you may not even be aware that it has gone.
This Australian telecommunications company wanted a clear picture of who their commercial customers were, with the objective of gaining a firm factual understanding of their target market to help improve customer reach and business growth. Find out how they achieved it.
Ashleigh is a typical credit-active, low-risk millennial. Loosely defined as the generation born between 1981 to 1996, this segment of potential borrowers presents significant opportunities for credit providers. Understanding the common characteristics of millennials is critical if lenders want to engage with, and successfully target products at this prime customer group.
Open Data was a hot topic at the Equifax global SPARK conference, held in Sydney on 10 September 2019. With consumer, account and transaction data due to become available from February 2020, there's much interest in the implementation of the Consumer Data Right in Australia.
Here are the top eight questions put to a leaders' panel that included Fred Schebesta of Finder, Damir Cuca of Basiq, Kari Mastropasqua of Equifax, James Bligh of Data 61 and Alex Ortner of Allens.
The latest statistics1 by the Australian Securities and Investment Commission (ASIC) reveal that the construction industry is a leading contributor to Australia’s rising rate of company defaults2 (EXADs). The impact of failed construction companies is especially noticeable in the eastern seaboard, where insolvencies increased in Victoria by 78%, Queensland by 41% and NSW by 7% for the September 2019 quarter (QoQ).
It’s famously said ‘experience is the teacher of all things’, so where better to turn to for open banking lessons than the UK. With open-banking regulations in force since early 2018, much can be drawn from the British financial services sector’s experience.
Equifax Quarterly Consumer Credit Demand Index: Sept 2019
Overall consumer credit applications down -9.87% (vs Sept quarter 2018)
Credit card applications declined by -12.41% (vs Sept quarter 2018) and personal loan applications dropped by -7.80% (vs Sept quarter 2018)
Mortgage enquiries increased by +2.01%, the first rise in nine consecutive quarters
Equifax Quarterly Business Credit Demand Index: Sept 2019
Overall business credit applications down -6.40% (vs Sept quarter 2018)
Growth in business loan applications up +3.34% (vs Sept quarter 2018), while trade credit applications fell -4.21% (vs Sept quarter 2018).
Asset finance applications declined -24.88% (vs September 2018).
From February 2020, Australia's new data-driven environment will change banking as we know it. The Consumer Data Right (CDR) has been legislated by the Government to give Australians greater control over their data.
Small businesses are the backbone of the Australian economy, accounting for well over 95% of all businesses and providing employment for around 4.7 million people. However, according to the Association of Certified Fraud Examiners (ACFE), small to medium businesses are the most common victims of fraud, losing almost twice as much per scheme than large corporations.
