We’re still in the early stages, Oliver told The Australian. Mortgage rates have roughly doubled since the March quarter last year, and that’s causing quite a lot of stress.
Oliver noted that the effects of higher interest rates often take time to manifest, but there is evidence of economic strain, such as slower retail sales, low building approvals, and a weakening job market.
AFSA’s data highlighted varying increases in personal insolvencies across different regions. Tasmania experienced a 34.4% rise, followed by Victoria at 18.7%, South Australia at 16%, Northern Territory at 5.6%, New South Wales at 3.5%, and Queensland at 1.3%. However, Western Australia and the Australian Capital Territory recorded decreases of 0.5% and 11.5%, r…
Read the full article at: https://www.mpamag.com/au/news/general/personal-insolvencies-on-the-rise-afsa/447749