Personal insolvencies fell in all states and territories except New South Wales, according to the latest personal insolvency statistics, released by the Australian Financial Security Authority (AFSA). Personal insolvencies include bankruptcies, debt agreements and personal insolvency agreements, but do not include corporate insolvencies.
This statistics release covers the September quarter 2018. It shows that the number of new personal insolvencies fell 9.7% from the September quarter 2017, from 8194 to 7400. New South Wales was the only state or territory to record a rise (0.4%).
The rise in New South Wales was due to a rise in debt agreements. New South Wales and the Australian Capital Territory were the only areas with a rise in debt agreements or personal insolvency agreements. Bankruptcies fell in all states and territories except Western Australia. Bankruptcies reached a record quarterly low in South Australia. They reached their lowest level in a quarter in Tasmania since the March quarter 1989.
In the September quarter 2018, 17.8% of new debtors entered a business related personal insolvency. The highest proportion was in Western Australia (21.6%).
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AFSA administers personal insolvencies in Australia. Personal insolvencies include bankruptcies, debt agreements and personal insolvency agreements, but do not include corporate insolvencies. A key role of AFSA is to ensure that individuals get the help they need when they cannot pay their debts, and to ensure that the help they get is trustworthy. The AFSA’s webpage I can't pay my debts lists the free, trustworthy options available for debt advice for individuals who have unmanageable debt. AFSA has also produced an Untrustworthy Advisors video, which can be found on the AFSA YouTube page.
Media release ends
If you have any further questions about this media release, or AFSA statistics, please contact the AFSA media team on 0408 105 665 or media [at] afsa.gov.au. Please note that AFSA does not provide commentary on the statistics themselves.