Personal insolvencies rose 2% in the March quarter, the fourth increase in a row, mainly due to bad debts in the mining states of Western Australia and Queensland.
This is the first time there have been four consecutive quarterly rises since 2009, according to the Australian Financial Security Authority.
Queensland and Western Australia, where debt agreements are now at the highest on record, accounted for most of the national rise in personal insolvencies.
The mining states are starting to feel the squeeze of a declining resources industry as jobs evaporate, wages fall and house prices slide.
Moodys expects delinquencies on home mortgages in Western Australia, the Northern Territory and parts of Queensland …
Read the full article at: http://www.businessinsider.com.au/australians-are-going-broke-at-the-fastest-rate-since-the-gfc-2016-4