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Personal insolvencies fell in Australia, with a total of 2,410 new insolvencies recorded in the September quarter 2022 – down 8.1% from the September quarter 2021.
New figures from the Australian Financial Security Authority (AFSA) revealed that insolvency numbers fell in every state and territory compared to the same period last year – except Tasmania, which recorded an increase of 2.9%.
Of the new insolvencies in September quarter 2022, 59.2% were bankruptcies and 39.5% were debt agreements. The remainder were personal insolvency agreements and deceased estates.
While year-on-year insolvencies decreased, AFSA statistics are showing a gradual rise in insolvencies in recent months – with a 4.7% increase in new insolvencies compared to the June quarter 2022.
In the September quarter 2022, 35.7% of bankruptcies were business related, a rise from 35.3% in the June quarter 2022.
AFSA Deputy Chief Executive Gavin McCosker reminded people to be proactive when facing financial hardship.
‘The increasing cost of living and economic pressures are likely to have an impact on many individuals,’ Mr McCosker said.
‘If you do find yourself in financial difficulty, seek help early from a trustworthy source.’
‘Financial counsellors and registered insolvency professionals can help you to review your situation, understand your options and help you plan an appropriate response.’
‘For some people, a formal insolvency option may present the best opportunity for a fresh start financially.’
More information about Australia’s personal insolvency statistics is available on the AFSA website.
Further information about seeking help to deal with unmanageable debt is available at afsa.gov.au.