Insolvency numbers are on the rise in Sydney and Melbourne, and one expert has pointed to the potential ‘tsunami’ in the next six months.
The Australian Financial Security Authority (AFSA) has released its regional insolvency statistics for the June quarter, which revealed slight increases in insolvency numbers across Sydney and Melbourne.
Personal insolvencies increased by 57 (19.9%) in Greater Melbourne, and by 40 (8.4%) in Greater Sydney.
Insolvency numbers fell throughout the rest of Victoria and New South Wales, by 10.4% and 5.8% respectively.
Despite this, insolvency experts have said that insolvency numbers are very low, with personal insolvency levels at “around half” what they were pre-pandemic.
Malcom Howell, Jirsch Sutherl…
Read the full article at: https://www.savings.com.au/savings-accounts/potential-tsunami-of-insolvencies-in-sydney-and-melbourne-despite-low-numbers
