Insolvencies across the board have peaked at 1,711 in May 2024, up by 59.9 per cent from last year.
This is according to new data from the Australian Securities and Investments Commission (ASIC), which show that insolvency rates have been steadily increasing post-COVID.
First-time insolvencies also hit a new peak in May, up 383 from the same time last year to 1,249 – or up 44.2 per cent.
Retail comes in fourth in overall business insolvencies at 949 in FY24 year-to-date as of June 23. This is below other services, with overall insolvencies at 1,287, followed by accommodation and food services (2,013) and construction (3,779).
Retail insolvencies are up 26 per cent in FY24 compared to 686 recorded in FY23.
In a media release dated…
