Construction, retail and travel companies are among the hardest hit in the latest raft of insolvencies, brought on by high interest rates, falling consumer spending and high material costs.
Bankruptcy filings have been on an upward trajectory since last year filings have topped 10,000 over the past month, for the first time since 2013.
Data from ASIC demonstrates a similar story in terms of company administrations, with 10,497 filings in the 2023-2024 financial year compared to just 7,942 the year before and far outstripping the average of less than 5,000 the two years before that.
Insolvencies inevitable consequence
UNSW Business School, School of Economics Associate Professor Evgenia Dechter points to the extended period of high infla…
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