Godfreys, a prominent Australian retail chain specialising in vacuum cleaners and related products, faced a challenging financial situation that eventually led the business to enter voluntary administration.

Cashflow is the lifeblood of a business! This new tool helps you get paid faster and it will save you time! Imagine what you and your team could do with so many more free hours per month!

But wait…. there's LESS!
If you lived through the 90s, you could not escape the infamous salesperson, Tim Shaw, and his favorite saying “but wait…there's more!”
Fast forward a few decades and most people (especially in business) are looking for less, rather than more. For example, less time spent on tedious tasks, less costs, less resources, less administration, less noise and interruptions, so they can focus on getting on with their main duties.

I recently watched a presentation by NCI’s Economic Expert, Stephen Koukoulas. Various charts detailing statistics since 2009, showed a roller coaster ride on many economic factors. In fact, many of these charts showed significant falls in 2020, significant increases during 2021 and 2022, and now significant falls in 2023.

The broadly based but moderate slowing in the Australian economy continues to impact the NCI Trade Credit Risk Index. The TCRI rose 1 per cent in the September quarter to reach its highest level in three years, which was during the early stages of the COVID pandemic. It has risen in six of the past seven quarters.

You might be wondering, "I already have trade credit insurance, so why should I bother with the Personal Property Securities Act (PPSA)?" The answer is that compliance with the PPSA should be seen as a complement to your credit insurance. Together they work to reduce the risk of loss.

The broader economic slowdown has impacted the hospitality sector with consumer spending on food and in bars, restaurants and cafes slowing down as the impact of interest rate increases and cost of living pressures hit household budgets.

It has been a very busy few months in the Trade Credit Insurance industry along with the wider Australian economy. Our Trade Credit Risk Index rose in Q2 to its highest level since 2020, an indication that the economy is starting to feel the pinch.

China, our foremost trading partner, receives a lion's share of our natural resources, maintaining its position as the world's second-largest economy. However, the narrative is shifting in 2023.