Statistics released by the Australian Financial Security Authority (AFSA) shows that the rate of personal insolvencies has increased steadily for three consecutive years, growing by 4.4 per cent in 2015-16, 2.1 per cent in 2016-17, and 5.6 per cent in 2017-18.
There were 31,859 new personal insolvencies in Australia in the last financial year, which is the highest annual number since the record of 36,539 was set in 2009-10, according to AFSA.
The largest number of personal insolvencies were seen in Queensland, increasing 2.6 per cent over the year to 9,235; NSW, where insolvencies rose by 7.1 per cent to 9,118; Victoria, which was the only state to experience a fall of 1.5 per cent in insolvencies to 5,722; and Western Australia, where ins…
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