“Insolvencies are now 75% higher than pre-pandemic conditions as a slow economy and surging costs send more companies to the wall, indicating a structural shift in business conditions and confidence,” said Mr Innes Willox, Chief Executive of the national employer association Australian Industry Group.
“There were 3,450 insolvencies in the June quarter and 14,150 in the previous financial year, compared to around 2000 a quarter in the years before the pandemic. Construction is the worst hit sector – a particularly bad sign for our national ambition to build more homes.
“During the pandemic, the number of insolvencies fell dramatically – partly due to JobKeeper, and partly due to allowances made during the…