RateSetter Australia launches Sharing Economy Trust Index

By Guglielmo de Stefano on Monday 7 December 2015

Alternative Lending

More than half of Australians trust the sharing economy more than its traditional alternative.


RateSetter Australia, an Australian peer-to-peer lending platform named after its UK twin, has launched something called the  Sharing Economy Trust Index. The index aims to explore Australians’ use of and attitudes towards Sharing Economy services, such as ride sharing services, accommodation sharing services and the like. Information is gathered throughsurveys and it will be updated on a semi-annual basis, beginning with today’s inaugural edition. 


According to the index, more than half (52%) of Australianstrust sharing economy services more than the traditional alternative. The research also reveals that 61% of Australians have used a sharing economy service in the previous six months and 85% intend to use one in the next year. In addition, almost a quarter (23%) of Australians spend at least $50 a month on P2P economy services, but that rises for 25-34 year olds, with a monthly average of $116. 
Online marketplaces for goods (e.g. eBay, Gumtree) are the most commonly used Sharing Economy services by Australians, followed by ride sharing (e.g. Uber) and accommodation sharing (e.g. Airbnb), as the graph below shows. 

RateSetter was the first UK platform to take on the relatively uncharted waters of the Australian market  The RateSetter group was founded in the United Kingdom in late 2009 by Rhydian Lewis, while the Australian branch of the platform was launched in October 2014 by former investment banker Daniel Foggo. RateSetter Australia offers borrowers loans from $2,001 to $35,000 for a timeframe of 6 months up to 5 years.


RateSetter Australia CEO Daniel Foggo commented: 


“The sharing economy is profoundly and permanently impacting how Australian consumers buy and sell goods, consume services and share surplus resources. It’s important to know how Australians feel about it – and how that affects their behaviour. The RateSetter Sharing Economy Trust Index is the first of its kind, providing a comprehensive overview of the nation’s confidence in the rapidly expanding sector.”


Sharing Economy Services are seen by Australians not only as something to be “consumed”, but also a great way to supplement their income. Indeed, 64% of Australians say they would consider using a sharing economy service to earn some money, preferring online marketplaces (56%), online outsourcing (18%) and accommodation sharing (12%). 


Daniel concluded: 


“Unsurprisingly, sharing and peer-to-peer services are becoming increasingly popular and that’s because these platforms deliver services more efficiently and affordably, whilst keeping their focus on the customer. […] Based on our inaugural report we expect the number of Australians involved in both consuming and providing P2P services will continue to grow rapidly.”

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