Business insolvencies are at a record high and will only rise further as the conflict in the Middle East and rising risk of recession could smash Australia’s most essential industries.
New data released by credit reporting agency CreditorWatch grimly warns the number of essential Australian businesses that will go broke will climb if the fuel crisis continues.
Should oil prices reach $US120 ($A172) to $US150 ($A215) it will have a similar impact on economic activity compared to lockdowns during the height of the Covid-19 pandemic.