Personal insolvencies increased in July 2023, according to new monthly statistics released today by the Australian Financial Security Authority (AFSA).
During July, there were 929 new formal personal insolvencies – rising from 901 in June.
Of the new personal insolvencies, 535 were bankruptcies, 377 were debt agreements, 17 were personal insolvency agreements, and there were no 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 July 2023, there were 33 new temporary debt protections.
Throughout the period, 250 people who entered a formal personal insolvency were also involved in a business – rising from 226 in June.
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 is available at afsa.gov.au/statistics.
