As the next chart shows, insolvencies are much higher in July 2023 than earlier this year in most of the country. They are especially bad in New South Wales.
Nationwide, 2022 was the bad year for insolvency. But in 2023, NSW is bleeding out.
When you break down the NSW data you find two things.
1. The insolvencies are mostly in the construction industry. Builders are finding it tough as interest rates rise. Some also locked in contracts back in 2021 and 2022 before the price of materials rose. That is squeezing margins and leaving them with not enough to pay their bills.
2. Diving in further shows something very surprising. The big uptick in insolvencies in NSW in July? Theyre almost all due to one man: Jean Nassif. The property develope…
Read the full article at: https://www.news.com.au/finance/economy/australian-economy/wild-life-of-property-developer-jean-nassif-and-his-600-million-debt/news-story/4b36f6515929d0970a02ce801cd840bf