Australia's debtor finance industry turned over more than $20 billion in the last financial year in a milestone result, new statistics have shown.
The latest figures from the Institute for Factors and Discounters (IFD) found total turnover for the industry increased 32 per cent in the past financial year, exceeding $20 billion per annum for the first time.
The figures were indicative of an industry that was gaining momentum, Benchmark Debtor Finance managing director Peter Langham said.
"To put this growth in perspective - turnover in 1995 was only $3 million," Mr Langham said. "Since then, factoring and discounting have been growing at a rate of 30 per cent per annum."
"The move away from overdraft finance towards debtor finance may escalate further if the rise in property prices slows, as there will be less equity available for bricks and mortar lending," Mr Langham said.
