Personal insolvencies decreased in October 2023, according to new monthly statistics released today by the Australian Financial Security Authority (AFSA).
During October, there were 951 new formal personal insolvencies – falling from 978 in September.
Of the new personal insolvencies, 543 were bankruptcies, 392 were debt agreements, 15 were personal insolvency agreements, and 1 was insolvent deceased estate.
Where AFSA could identify the industry an individual worked in, the most common industries were:
- Construction
- Retail trade
- Transport, postal and warehousing
In October 2023, there were 21 new temporary debt protections.
Throughout the period, 240 people who entered a formal personal insolvency were also involved in a business – rising from 236 in September.
Data provided in the monthly statistics is provisional and not final. For final data, please see AFSA’s quarterly personal insolvency statistics.
People experiencing financial stress are encouraged to seek support early. Free confidential assistance is available through the National Debt Helpline.
If you’re facing and considering formal insolvency options, reach out to a registered trustee or registered debt agreement administrator.
More information about our statistics are available at afsa.gov.au/statistics.
