The new permanent $10,000 threshold will ensure that Australians in financial difficulty are not made bankrupt over relatively small amounts of debt, Mr Porter said in a statement on Friday.
This also accounts for the changing value of money since the $5000 threshold was last increased in 2010, as well as changes to debt levels since that time.
Bracing for business failures
Bankruptcies have been artificially suppressed by emergency COVID-19 measures such as bank loan repayment deferrals and government stimulus payments such as JobKeeper, JobSeeker and small business cash flow support.
Before the pandemic, groups including the Australian Banking Association, the Consumer Action Law Centre and other consumer organisations urged a review …
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