A recent analysis by NAB shows there has been a bounce back in businesses collapsing with a huge 30 per cent rise in insolvencies in 2022 after a slowdown during the COVID-19 pandemic.
But with economic headwinds placing pressure on Aussie consumers and businesses alike, experts are worried there will be a far higher rise in collapses in 2023 as companies face a looming recession.
Various industries are being impacted by the insolvency rebound with construction collapses jumping by 28 per cent, accommodation and food services by 14 per cent and retail trade by 7 per cent.
There are different causes for industr…
Read the full article at: https://www.9news.com.au/finance/rise-in-business-collapse-insolvency-interest-rates-inflation-cost-of-living-explainer/ca18acb7-eeba-4a4c-b08c-a060e998847e