Media release: Personal insolvencies rise 0.6% in the September quarter
Tue 13 October 2015
Personal insolvency in Australia: % change compared to the same quarter in previous year
Personal insolvency in the September quarter 2015
Total personal insolvencies increased 0.6% in the September quarter 2015 compared to the September quarter 2014. This is the second consecutive rise, when compared to the previous quarter.
Queensland and Western Australia accounted for most of the national rise in personal insolvencies in the September quarter 2015 compared to the September quarter 2014.
The number of debt agreements in the September quarter 2015 is the highest on record. Debt agreements in New South Wales, Queensland and Northern Territory in the September quarter 2015 are the highest on record for these states and territories.
Debt agreements were the only type of personal insolvency that increased in the September quarter 2015 compared to the September quarter 2014:
- bankruptcies fell by 0.1%
- debt agreements increased by 2.4%
- personal insolvency agreements fell by 33.3%.
Debtors with a business-related personal insolvency
In the September quarter 2015, 17.4% of debtors entered a business related personal insolvency. This is a rise from 16.3% in the June quarter 2015.
In the September quarter 2015:
- economic conditions was the most common business related cause (488 debtors)
- unemployment (2,114 debtors) and excessive use of credit (1,944) were the most common non-business related causes.