A record number of businesses have been placed into administration in the past year, an inquiry has been told, with advocates saying inflationary pressures are affecting multiple industries.
Officials from Australia’s corporate watchdog told a parliamentary inquiry into the cost-of-living crisis that 11,053 businesses entered external administration in the 2023/24 financial year.
ASIC commissioner Kate O’Rourke said while the proportion of businesses going into administration was not the highest, the past year had the most overall.
“The highest number in terms of proportion remains 2011/12 … the number we’ve got now is the highest number, but we’ve got more companies,” she told the inquiry on Friday.
Of insolvency reports provided to…
