SYDNEY – 1 October 2025 – Equifax, the global data, analytics and technology company, has been confirmed as the first rating entity approved by the ACT Government to support developers as they meet the new regulatory requirements laid out in the Property Developers Act 2024.
The Act introduces a mandatory licensing scheme for residential property developers in the ACT undertaking projects involving three or more dwellings. A key component of the license application is the submission of a rating report from an approved rating entity, assessing the developer's operational and financial capacity.
By obtaining a rating through the Independent Construction Industry Ratings Tool (iCIRT), which is administered by Equifax Australasia Credit Ratings Pty Ltd, ACT developers can provide the required rating report as part of their license application. This can streamline the application process by offering a comprehensive and independently verified assessment, potentially leading to faster approval.
“As the ACT market adapts to the new licensing regime, developers who move early to obtain an iCIRT rating will signal to regulators, partners and buyers that they are committed to reliability, transparency and accountability, creating a competitive advantage,” said Brad Walters, Equifax Australia General Manager, Commercial.
“We have seen clear benefits for constructors who engage with independent ratings tools, which have helped improve the profitability, brand value and trust of rated players. According to the most recent iCIRT consumer research, 84% of Australians who are aware of iCIRT say they have a positive perception of the construction industry, compared to only 29% of those who remain unaware. Additionally, 63% of Australians with plans to buy a home or investment property would be willing to pay a premium to ensure the property developer, contractor or building professional had an independent trust rating and, on average, they would pay an additional 8.2% to work with a trustworthy construction professional,” Walters said.
The iCIRT assessment evaluates a developer's capability, conduct, character, capacity, capital, and counterparties. A positive iCIRT rating provides concrete evidence to the ACT Registrar that the developer meets the criteria of a ‘suitable person’ and has the necessary competency and financial standing to undertake residential property developments.
“We are proud of the pivotal role iCIRT is playing in rebuilding trust and transparency in the construction sector. It is important to recognise those industry leaders in the ACT that are already stepping up to get iCIRT rated, showcasing a high level of resilience and reliability in the delivery of trustworthy built assets. Obtaining an iCIRT rating early has the potential to deliver significant benefits in terms of credibility, competitive advantage, and alignment with the ACT government's efforts to improve the building and construction industry,” Walters said.
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