On Wednesday, I reported that 26,000 businesses have fallen into insolvency since the 2022 election, including a record 12,405 insolvencies this calendar year.
Data from the Australian Financial Security Authority (AFSA) shows there were 11,644 personal insolvencies nationwide in 2023-24.
ASFA expects personal insolvencies to rise by 15% to 13,400 in the current financial year and a further 12% in 2025–26.
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The ASFA report also shows that 49% of individuals who become insolvent have debts of less than $50,000.
ASFA CEO Tim Beresford says people renting their homes are particularly vulnerable to being declared insolvent. He added that households will remain at risk of personal insolvency until inflation falls.
“Households…
