Personal insolvencies across Australia have increased in the March quarter 2024 compared to March quarter 2023, according to new statistics released today by the Australian Financial Security Authority (AFSA).
There were 2,981 new personal insolvencies in the 3-month period to March 2024, up from 2,494 in March 2023.
National data shows personal insolvencies rose in all states and territories compared to the March quarter 2023, except for Tasmania where the number declined, and South Australia where the number remained the same.
Of the March quarter 2024 personal insolvencies, just over a quarter (758) 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 these statistics is available at Quarterly personal insolvency statistics.
Summary of national figures:
March quarter 2024:
- 1,814 were bankruptcies
- 1,135 were debt agreements
- 30 were personal insolvency agreements
- 2 were insolvent deceased estates
- 758 personal insolvencies were business-related, up from 573 in the March quarter 2023.
