Personal insolvencies across Australia have increased in the December quarter 2023 compared to December quarter 2022, according to new statistics released today by the Australian Financial Security Authority (AFSA).
There were 2,608 new personal insolvencies in the 3-month period to December 2023, up from 2,321 in December 2022.
National data shows personal insolvencies rose in all states and territories, except for Western Australia and the Northern Territory where numbers declined.
Of the December quarter 2023 personal insolvencies, just over a quarter (713) were business-related.
Australians experiencing financial difficulty are encouraged to seek help early from trusted sources to assist individuals find a solution that works for their circumstances.
Financial counsellors and registered insolvency professionals can help to review individual situations and help plan an appropriate response.
Free confidential assistance is available through the National Debt Helpline or via phone at 1800 007 007.
For help with budgeting, Money Smart has some easy-to-use tools available at moneysmart.gov.au
More information about our statistics is available at afsa.gov.au/statistics.
Summary of national figures:
December quarter 2023:
- 1,527 were bankruptcies
- 1,042 were debt agreements
- 37 were personal insolvency agreements
- 2 were insolvent deceased estates
- 713 personal insolvencies were business-related, up from 558 in the December quarter 2022.
