Data from the Australian Financial Security Authority (AFSA) has found a significant rise in personal insolvencies for the March 2024 quarter. According to the report, there has been a 19.5% increase compared to the same period last year.
Unsurprisingly, economic challenges have been contributing to this rise, including cost of living pressures. However, a large percentage of personal solvencies has also been connected to business failures.
Nationwide insolvency trends and their business impacts
The AFSA report revealed that insolvencies have risen across most states and territories, with New South Wales recording the highest number at 885, followed by Queensland at 759.
It’s worth noting that Tasmania…
