As the Reserve Bank board braces for another interest rate decision tomorrow and over-borrowed interest rate worriers pray for no change, the news is growing that10 interest rate rises are starting to bite, big time. One industry expert called it an insolvency Armageddon with cash-troubled business wind-ups reaching 828 in March, after starting the year with 359 insolvencies in January and 692 in February.
But its not just a sad consequence of Dr Phil Lowes interest rate rises. Scott Taylor, partner at insolvency and reconstruction law firm Taylor David Lawyers, said that nearly 5,000 firms had avoided insolvency because of government support programs including JobKeeper, Stephen Brook and Bianca Hall of the SMH reported. Hes the one wh…
Read the full article at: https://switzer.com.au/the-experts/peter-switzer/will-escalating-insolvencies-stop-the-rbas-interest-rate-rises/