The rate of Australians declaring bankruptcy is increasing as record high household debt takes its toll, new data has revealed.
According to data analytics company illion, 32,350 Australians have declared bankruptcy in the 2018 financial year, marking a 4 per cent increase.
The lights are flashing red across several regions in terms of rising consumer stress levels, illion chief executive Simon Bligh said, pointing to rising levels of debt, falling house prices and anaemic wage growth as culprits.
Sydneys declining property market and the significant rise in personal bankruptcies could be mirrored in Melbourne in FY2019, as its property market is showing signs of following the same downwards trajectory.
At the same time, economie…
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