Attorney-General Christian Porter today announced that Australias personal bankruptcy threshold will be set at $10,000.
The threshold was temporarily lifted from $5,000 to $20,000 on March 24 of this year in response to the pandemic. The new threshold of $10,000 will be permanent, and comes into effect on January 1, 2021, when the temporary threshold expires.
The new permanent $10,000 threshold will ensure that Australians in financial difficulty are not made bankrupt over relatively small amounts of debt, Attorney-General Christian Porter said.
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.
The change to the bankruptcy thres…
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