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Business insolvencies are running at more than double the rate of last year, and one economist says the failure rate exceeds that of the global financial crisis.
There were 72 liquidations in October administered by the Insolvency and Trustee Service, just down from 74 in September.
Of those, 37 were in Auckland.
In comparison, there were only 58 in the year to June 2019.
Simplicity chief economist Shamubeel Eaqub said the rate of insolvencies was double what it was at this time in 2023.
“It’s consistent with what I would expect and I’d expect this to continue.”
He said the coming months would be tough for many businesses, if they were not in hospitality or retail.
The government has announced plans to eliminate $16 billion worth of student debt.
Students with tertiary education debt would have 20 per cent of their loan debt wiped.
The prime minister said the next election is about the next generation.
The Albanese government is promising to cut tertiary student and apprentice debts if it wins the next federal election, under a suite of new policies unveiled at the weekend.
Labor is pledging to cut a further 20 per cent off all student loan debts by 1 June 2025, which it says will wipe around $16 billion in student debt for around three million Australians.
Separately, it will also introduce legislation to establish 100,000 fee-free TAFE places from 2027, in addition to its announcement on…
On Nov 8, the Standing Committee of the National People”s Congress approved an increase of 6 trillion yuan ($828 billion) in the local government special bond ceiling to replace outstanding hidden debt — or liabilities of local governments that are not officially recorded.
The increase is designated for swapping outstanding implicit debts, providing local governments with more room to better develop the economy and ensure people’s livelihoods.
Local governments will be eligible for local government special bonds worth another 4 trillion yuan over the coming five years starting this year to finance debt swaps, or 800 billion yuan each year, said Minister of Finance Lan Fo’an.
After months of anticipation, the Federal Government’s changes to the HECS indexation rules have finally become law, passing through Parliament on Tuesday night.
Under the new legislation, the annual indexation of student loans will be capped at the lower of either inflation or wage growth.
This change, which takes effect retroactively from June 2023, will reverse the 7.1% increase in student debts caused by last year’s indexation.
As a result, some individuals will receive a credit on their loans, while others could see a refund directly in their bank accounts.
President-elect Donald Trump is unlikely to continue many of Biden’s student-debt relief efforts.
Borrowers are still waiting for a final court decision on the SAVE student-loan repayment plan.
Even if the plan survives the courts, Trump and GOP lawmakers could take steps to rein in relief.
During his term as president, Joe Biden has used various programs tocancel $175 billion in student debt for nearly 5 million borrowers. Those efforts will likely fizzle out over the next four years.
Business insolvencies are running at more than double the rate of last year, and one economist says the failure rate exceeds that of the global financial crisis.
There were 72 liquidations in October administered by the Insolvency and Trustee Service, just down from 74 in September.
Of those, 37 were in Auckland.
In comparison, there were only 58 in the year to June 2019.
Simplicity chief economist Shamubeel Eaqub said the rate of insolvencies was double what it was at this time in 2023.
“It’s consistent with what I would expect and I’d expect this to continue.”
He said the coming months would be tough for many businesses, if they were not in hospitality or retail.
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An online gambler who racked up almost £7,000 in debts is backing new gambling reforms from the Government. David Rixon, 22, started buying scratch cards aged 16 before turning to online casinos.
His gambling became a problem when he was forced to take time off work after a mugging and motorbike accident. David spent his £96 weekly statutory sick pay to play on online casinos and won £17,000.
The former fish and chip bar worker, from Plymouth, then spent his winnings and another £8,000 from several credit cards on a massive booze and drugs bender.
