Personal insolvencies increased in October 2022, according to new monthly statistics released today by the Australian Financial Security Authority (AFSA).
During October, there were 847 new formal personal insolvencies – up from 833 in September.
Of the new personal insolvencies, 485 were bankruptcies, 349 were debt agreements, 8 were personal insolvency agreements and 5 insolvent deceased estates in October 2022.
Where we could identify the industry an individual worked in, the most common industries were:
- health care and social assistance.
- other services
In October 2022, there were 17 new temporary debt protections.
Throughout the period, 154 people who declared bankruptcy were also involved in a business – down from 175 in September.
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.