Personal insolvencies across Australia have increased moderately in the December quarter 2024 compared to the December quarter 2023, according to new statistics released today by the Australian Financial Security Authority (AFSA).
There were 2,794 new personal insolvencies in the 3-month period to December 2024, up from 2,608 in December 2023, which is 7.1% higher than in the same period last year.
National data shows personal insolvencies rose moderately in NSW and Victoria, decreased in Tasmania and remained steady in Western Australia and Northern Territory in the December quarter 2024. Of the December quarter 2024 personal insolvencies, over a quarter (30.0%) were business-related.
AFSA Chief Executive, Tim Beresford said:
“I encourage any Australians experiencing financial difficulty to seek help early to find a solution that works best for their circumstances.”
“The potential for system misuse is elevated during times of financial vulnerability, so it’s vital that anyone experiencing financial uncertainty knows where they can find trustworthy advice. This could mean talking to trustees, financial planners, bookkeepers or accountants.
“Visiting AFSA’s website can be a good place to start, pointing you in the right direction about what resources you can use and who to speak to. Free and confidential assistance is also available through the National Debt Helpline or via phone at 1800 007 007.”
“AFSA is also elevating its focus on vulnerability in 2025. In this environment, it is important for us to identify and mitigate system harms, use our data and intelligence effectively, provide targeted education and outreach, and ensure we refer people to the services they need.”
For help with budgeting, Money Smart has some easy-to-use tools available at moneysmart.gov.au
More information about these statistics is available at Quarterly personal insolvency statistics.
Summary of national figures:
December quarter 2024:
- 1,646 were bankruptcies
- 1,083 were debt agreements
- 58 were personal insolvency agreements
- 7 were insolvent deceased estates
Of the 2,794 insolvencies in December 2024, 837 personal insolvencies were business-related, up from 713 in the December quarter 2023.
