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A wave of business failures in construction, hospitality and retail has pushed up the number of monthly insolvencies to the highest in almost a decade, as rising borrowing costs, weaker consumer spending and a more aggressive Tax Office take their toll.
Some 967 companies entered administration in February, up 40 per cent on the same month last year, according to new preliminary figures from the Australian Securities and Investments Commission.
The spike represents the largest number of monthly insolvencies since October 2015.
Some 9700 firms have gone bus…
Read the full article at: https://www.afr.com/policy/economy/corporate-insolvencies-spike-to-a-decade-high-20240320-p5fdy6