Australias most populous state has seen a hefty 7 per cent increase in the rate of personal insolvencies, as household debt levels continue to balloon – having implications on spending for the broader business community.
Personal insolvencies in Australia rose by 5.6 per cent in the 201718 financial year, with statistics released by the Australian Financial Security Authority (AFSA) showing that the rate of personal insolvencies has increased steadily for three consecutive years.
That growth was by 4.4 per cent in 201516 and 2.1 per cent in 201617, followed by the substantial 5.6 per cent in 201718.
There were 31,859 new personal insolvencies in Australia in the last financial year, which is the highest annual number since the record of 36,…
Read the full article at: https://www.mybusiness.com.au/finance/4679-personal-insolvency-rates-rise-for-third-straight-year