The Australian Financial Security Authority (FSA) has released personal insolvency statistics for 2017-18, which reveals a sharp rise in total personal insolvencies to the highest level since the Global Financial Crisis (GFC), with record high insolvencies reached in WA and NT, and debt agreements also hitting an all-time high:
According to the FSA:
There were 31,859 personal insolvencies in 201718, which is the largest annual number of personal insolvencies since the record of 36,539 set in 200910. The number of personal insolvencies rose by 5.6% in 201718 compared to 201617:
Personal insolvencies reached record annual levels in Northern Territory and Western Australia in 201718
