The PPSA does away with many of the old problems identified with the patchwork quilt of pre-PPSA laws. The PPSA introduces uniform rules dealing with the attachment, perfection, enforceability and priority of security interests.

A single national register (the Personal Property Securities Register) has also been established for the registration of security interests and is administered by the Australian Financial Security Authority.

See Overall practical results and consequences of the PPSA.

An agreement which evidences the granting of a security interest in personal property to secure the payment or performance of an obligation is a security agreement for the purposes of the PPSA. A security agreement will be effected according to its terms. New security agreements will need to create a security interest which attaches to identifiable property and avoids some of the pit falls associated with using pre-PPSA concepts in the PPSA environment. The flexibility of the PPSA allows parties who are drafting security agreements to use the provisions of the PPSA.

See Security agreements under the new system.

Many of the pre-PPSA laws (or parts of them) that deal with personal property securities have been repealed and replaced by the PPSA. New provisions have been introduced to the Corporations Act 2001 (Cth) to align it with the PPSA. The PPSA also contains provisions dealing with situations where a security interest is governed by both the PPSA and the National Consumer Credit Code.

See Changes to and relationship with other legislation.