The Australian Financial Security Authority (ASFA) has published data that continues an encouraging annual decrease in personal insolvencies.
A total of 2,410 personal insolvencies were recorded in the September 2022 quarter, down 8.1% from the same time in 2020.
Of these, 59.2% were bankruptcies and 39.5% were debt agreements, with the remainder personal insolvency agreements and deceased estates.
Numbers fell in every state or territory except Tasmania, where 71 were recorded – a 2.9% increase from 2021.
Western Australia saw the biggest improvement with a 33% reduction.
However, whilst year on year insolvencies decrease, the ASFA data shows a gradual increase in recent months, with a 4.7% increase from the June 2022 quarter.
With liv…
Read the full article at: https://www.savings.com.au/news/insolvencies-drop-despite-cost-of-living-