Personal insolvencies increased in August 2023, according to new monthly statistics released today by the Australian Financial Security Authority (AFSA).
During August, there were 1,198 new formal personal insolvencies – rising from 929 in July.
Of the new personal insolvencies, 654 were bankruptcies, 533 were debt agreements, 9 were personal insolvency agreements, and 2 were insolvent deceased estates.
Where AFSA could identify the industry an individual worked in, the most common industries were:
- Construction
- Health care and social assistance
- Retail trade
In August 2023, there were 20 new temporary debt protections.
Throughout the period, 266 people who entered a formal personal insolvency were also involved in a business – rising from 250 in July.
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.
