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Personal insolvencies increased in March 2023, according to new monthly statistics released today by the Australian Financial Security Authority (AFSA).
During March, there were 921 new formal personal insolvencies – rising from 796 in February.
Of the new personal insolvencies, 579 were bankruptcies, 336 were debt agreements, 6 were personal insolvency agreements, and 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
- Retail trade
In March 2023, there were 28 new temporary debt protections.
Throughout the period, 193 people who declared bankruptcy were also involved in a business – rising from 176 in February.
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.