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More and more home builders are collapsing across Australia as soaring materials and labour costs cripple the companies working desperately to meet the country’s surging demand for houses.
Data from the Australian Securities and Investments Commission shows a gathering pace of construction insolvencies in the past three years, with 2196 builders going bust in the past financial year through to April 7, a 34 per cent increase from the 1635 insolvencies recorded in the 2023 year.
For the nine-month period from July 1, 2023 to March 31, 2024, construction firms accounted for nearly 28 per cent of all insolvencies.
And the brutal landscape is swallowing up companies that have been in business for decades, illustrated by this month’s…
The indexation of student debt is arguably the federal government’s biggest political problem when it comes to universities.
Last June, student debt balances increased by 7.1%, the highest rate in decades. While HELP loans do not attract interest, they are indexed to inflation as measured by the Consumer Price Index (CPI).
When inflation remained low, this was not an issue for those with a HELP debt. But last year, as inflation rose, on average A$1,700 was added to each borrower’s debt. The next indexation date is approaching on June 1. We won’t know the 2024 indexation rate until the March quarter CPI level is released, but it’s likely to be around 5%.
What does it mean when a local authority goes “bankrupt”?
Local authorities cannot actually go “bankrupt” in the way that a company or an individual can. Instead, they issue what is known as a section 114 notice. This is a report from the council’s finance officer that they believe that the authority is about to incur expenditure that is unlawful according to the Local Government Finance Act 1988. undefined
Expenditure can be unlawful for various reasons. But the primary reason why most authorities issue a section 114 notice is because they expect their expenditure to exceed their income for a particular financial year – which is not permitted…
Rex has entered into voluntary administration, the second domestic airline to fail this year in a market dominated by Qantas. Regional Express Holdings Ltd., as Rex is formally known, has appointed Ernst & Young as administrators. Domestic flights on Rex’s fleet of Boeing 737 jets have been canceled, while regional flights operated using Saab 340 aircraft are unaffected.
He entered Singapore on a tourist visa on 1 March and was to leave the country on 6 March, but did not leave, police said.
An investigation revealed that Mr Liu had piled on a gambling debt of between S$20,000 (£11,709) and S$30,000 (£17,563) during his stay in the city-state.
In a press release, Singapore police said Mr Liu sent messages to his…
Back when scientific publications came in paper form, libraries played a key role in ensuring that knowledge didn’t disappear. Copies went out to so many libraries that any failure—a publisher going bankrupt, a library getting closed—wouldn’t put us at risk of losing information. But, as with anything else, scientific content has gone digital, which has changed what’s involved with preservation.
Organizations have devised systems that should provide options for preserving digital material. But, according to a recently published survey, lots of digital documents aren’t consistently showing up in the archives that are meant to preserve them. And that puts…
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In 2022, Official Development Assistance loans rose by 11% to $61 billion, while grants fell by 8% to $109 billion – a shift that could increase developing country debt burdens.
Global Official Development Assistance (ODA) surged 22% to a record $287 billion in 2022. Despite this overall increase, aid specifically targeted at developing regions declined by 2%, or $4 billion.
The nature of aid also saw a significant shift, moving towards concessional loans instead of grants – a trend that could add additional fiscal strain on developing countries still grappling with the economic aftermath of the COVID-19 pandemic.
In 2022, ODA loans rose by 11% to $61 billion, while grants fell by 8% to $109…
The Iowa Superintendent of Banking has closed a Sac City bank — the first bank closing in Iowa since 2011.
Citizens Bank in Sac City opened in 1929. According to a news release issued Friday night by the Iowa Banking Division, the bank was declared insolvent after bank examiners “identified significant loan losses that previously had not been identified” by the Sac City bank. The news release said the bank had a “concentration” of out-of-state loans “to one industry: and there had been “heavy losses on some of those loans.”
The state banking superintendent’s office said there will be no loss to any depositor. Iowa Trust and Savings Bank in Emmetsburg has purchased all deposits and is…
