PEXA shares plunge on prospect of 20% revenue hit in FY28
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More news: Shares in PEXA plummeted in morning trade after the electronic conveyancing platform was hit by IPART’s draft recommendation to slash its regulated revenue by 20% in FY28.
The move follows a push by Australian regulators to crack down on monopoly pricing and enforce greater market competition.
Shares dropped 16.2% to $9.09 at 11:17am AEST.
PEXA’s regulator recommends 20% slash to Australian revenue in draft report
The news: NSW pricing regulator IPART has made a draft recommendation that electronic conveyancing monopoly PEXA’s regulated revenue requirement for its Australian exchange take a 20% hit, equivalent to $70 million in FY28.
The numbers: The revenue hit will come from the reduction of fees for two types of transactions, although the draft recommendations are currently open for consultation and subject to change.
IPART has recommended that transfer of interest transaction fees be cut by 16% for single titles and be cut by 14.6% for multiple titles.
It has also recommended that transfer titles or transfer of interest with financial settlement transaction fees be cut by 36.6% for single titles and by 33.1% for multiple titles.
The context: Australian regulators have moved to crack down on PEXA’s pricing after plans to force competition in the sector were formally abandoned in April 2026.
The fee changes will not take effect before 1 July 2027 and would apply over a four-year period to FY2031. The existing annual CPI-linked fee adjustment cap will continue to apply for FY27.
IPART’s public consultation will run until 14 August. A public hearing is scheduled on 21 July. IPART expects to hand its final report to the New South Wales government on 30 September.
The source: IPART draft report
