As our industry works to improve confidence in construction, partnering with the right professionals is more critical than ever for developers. iCIRT rated developers and builders now represent over half of the residential market by value, putting those whose entire build team is iCIRT rated in a unique position of being able to showcase their trustworthy credentials.
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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.
Smart decisions take many forms, but the best ones are usually those based on accurate and reliable analytics. The development of an Equifax solution for improving the accuracy and coverage of ANZSIC codes has improved the ability of SMEs to make decisions that can help increase profits and mitigate risk.
Corporate fraud is a challenge for organisations around the world. The rise in new technologies and sophistication of organised crime syndicates have created new opportunities for fraudsters, increasing the risk of serious financial loss and reputational damage to organisations, as well as impacting the many lives affected by the crime.
Test for bias in your artificial intelligence. Then learn how to work towards the fairest outcome for your customers.
The downturn in the Australian automotive industry is expected to last into 2020. A motor industry overview presented by Deloitte at the recent Equifax Automotive Finance Forum painted a stark picture of declining car sales and an industry heavily reliant on income from bonuses and Finance & Insurance
