It was a tough financial year for Australias debtors, with the number of personal insolvencies around the country growing over 2017-18 to reach the highest figure in nearly a decade.
In figures released by the Australian Financial Security Authority (AFSA), the number of personal insolvencies across the country rose for the third consecutive year, increasing by 5.6% in 201718 compared to 201617.
The 31,859 personal insolvencies in 201718 was found to be the largest annual number of personal insolvencies since the record of 36,539 set in 200910.
Personal insolvencies state by state
Looking at changing personal insolvency numbers state by state:
- Northern Territory: +14.3% (record annual level)
- Western Australia: +12.9% (record annua…
Read the full article at: https://www.ratecity.com.au/personal-loans/news/bad-year-bankruptcies