Last month, the Australian Financial Security Authority (FSA) released personal insolvency statistics for 2017-18, which revealed a sharp rise in total personal insolvencies to the highest level since the Global Financial Crisis (GFC):
In particular, debt agreements hit the highest annual number on record in all states and territories except Tasmania after posting the seventh annual increase:
Now, data analytics company illion has released data showing that more than 32,000 Australians declared personal bankruptcies in 2017-2018, an eight year high:
Personal bankruptcies across Australia are at an eight-year high and experts are warning that a combination of rising debt, stagnant wage growth and falling house pric…
Read the full article at: https://www.macrobusiness.com.au/2018/08/bankruptcies-to-rise-as-negative-mortgage-equity-spreads/