Crippling interest rates and sky-high prices of everyday items, from a bag of concrete to a cup of coffee, are behind record business insolvencies in Australia, research shows.
The collapsing outlook for business, especially small companies, has been highlighted in CreditorWatch’s business risk index.
In the year to May, insolvencies reached a record high of 1378, a 38 per cent increase in the rate of business failures.
Electricity, gas, water and waste services topped the list of industries by rate of increase in insolvencies, with an 89 per cent increase year-on-year, followed by education and training (87 per cent) and mining (72 per cent).
