Personal insolvencies increased in January 2023, according to new monthly statistics released today by the Australian Financial Security Authority (AFSA).
During January, there were 772 new formal personal insolvencies – rising from 612 in December.
Of the new personal insolvencies, 414 were bankruptcies, 344 were debt agreements, and 14 were personal insolvency agreements. There were no insolvent deceased estates.
Where we could identify the industry an individual worked in, the most common industries were:
- Health care and social assistance
- Transport, postal and warehousing
- Retail trade
In January 2023, there were 18 new temporary debt protections.
Throughout the period, 142 people who declared bankruptcy were also involved in a business – down from 148 in December.
People experiencing financial stress are encouraged to seek support early. Free confidential assistance is available through the National Debt Helpline.
If you’re facing serious unmanageable debt and considering formal insolvency options, reach out to a registered trustee or registered debt agreement administrator.
More information about our statistics is available at afsa.gov.au/statistics.