Status Update of the Parkes Pulsar Timing Array

The Parkes Pulsar Timing Array project aims to make a direct detection of a gravitational-wave background through timing of millisecond pulsars. In this article, the main requirements for that endeavour are described and recent and ongoing progress is outlined. We demonstrate that the timing properties of millisecond pulsars are adequate and that technological progress is timely to expect a successful detection of gravitational waves within a decade, or alternatively to rule out all current predictions for gravitational wave backgrounds formed by supermassive black-hole mergers.