Company collapses in Western Australia have surged 24 per cent, with more than 1200 businesses plunging into insolvency in 2024.
9News Perth and WAtoday can reveal new figures from the Australian Securities and Investments Commission, analysed and provided by WA Senator Dean Smith, which showed construction and hospitality companies were among the hardest hit.
Construction business insolvencies are impacting businesses higher up the chain.Credit: Eamon Gallagher
It was blamed, in part, on tightened consumer spending as the Reserve Bank embarked on the swiftest interest rate tightening cycle in a generation.
Nearly one third were building, accommodation or food, with 396 accounting for collapsed businesses between January and December 2024.
