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Australians Hit Hard: Bankruptcy Numbers On The Rise In 2017

Bankruptcy numbers are increasing according to the latest data published by the Australian Financial Security Authority released in May 2017. These figures indicate a significant increase in the number of Bankruptcies Australia wide. Individuals and business owners have been hit hard.

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A breakdown of the bankruptcy (www.bankruptcyexperts.com.au) numbers by State/or Territory tell the story comparing the March 2017 quarter to the December 2016 quarter.

New South Wales

One of the biggest growing states, from both a residential and business perspective, isn’t exempt from bankruptcy increases. However, there were some decreases in numbers in the regional New South Wales area. What this means for the future of business in N.S.W is yet to be known. However, time will tell if business gains momentum in Sydney and New South Wales.

Sydney

Compared to the 2016 December quarter, bankruptcy numbers in the Sydney region increased by 11.0% with the main contributor of the increase being Wyong. For business related bankruptcy the numbers increased 8.6%. The main contributors of this number were Wyong and Penrith.

Regional New South Wales

Just like the Sydney region, there was an increase of 1.9% with the main contributor to these numbers from the Lachlan Valley. Good news for business owners however bankruptcy numbers fell by 10.7% with the main contributor to the fall being Coffs Harbour.

Australian Capital Territory

The ACT was hit hard this quarter bankruptcies increased 26.9% with the leading contributor to the growth being Belconnen. Business owners suffered the biggest increase of 84.6% (Although this seems alarmingly high, this was an increase from 13 debtors to 24).

Victoria

Greater Melbourne

In Melbourne, bankruptcy numbers rose 13.4% with the primary contributor to the increase being Whittlesea - Wallan. For business owners an increase of 5.7% with the main contributor to this number coming from Mornington Peninsula.

Regional Victoria

Bankruptcy numbers increased 10.8% with the major contributor to the gain being in Glenelg - Southern Grampians. For business owners, an increase of 8.3%, with the main contributor to the rise seen in Bendigo.

Queensland

Greater Brisbane

A rise of 19.3% with the primary contributor to the growth was in the Ipswich area. Business owners suffered an increase of 13.9% the primary contributor to the rise being Springfield - Redbank.

Regional Queensland

A rise of 9.4% with the main contributor to the increase being the Caloundra region. Business related bankruptcies rose 2.1%.

South Australia

Greater Adelaide

An increase in the Bankruptcy numbers of 12.6% showing the primary contributor to the escalation as Marion. For business related bankruptcy the numbers rose 9.8%.

Regional South Australia

A huge increase of 51.0% with the main contributor to the escalation being Murray and Mallee.

Northern Territory

Greater Darwin

An increase of 18.8% in Greater Darwin area.

Regional Northern Territory

An decrease in fact from 16 bankruptcies last quarter to 13.

Western Australia

Greater Perth

An increase of 11.6% in the Perth Metro area and the number of debtors entering a business related personal insolvency actually remained the same for the quarter at 155 debtors.

Regional Western Australia

An increase of 9.1% Albany was the main contributor to the increase of debtors in the region. The amount of bankruptcies with business related debts rose by 9.1%, which was contributed mainly by Bunbury.

Tasmania

Tasmania was one of the states that didn’t see an increase in personal insolvency numbers generally. However, there were still some increasing numbers when it came down to business.

Greater Hobart

Bankruptcy numbers dropped to 7.2% overall in the Greater Hobart region, with Brighton being the main area for this contribution.

Regional Tasmania

But, when looking at business related person insolvency, the number of debtors increased by 35.5% for the rest of Tasmania. Launceston was the biggest contributor to this increase.

These numbers and figures may indicate issues across Australia, such as many businesses and individuals struggling to make ends meet. However, it is still hard to determine the real causes and events that have led to these increases only time will tell.

Nothing highlights the two speed economy challenges Australia has like these

Bankruptcy numbers indicate. Still Sydney and Melbourne are protected buy ever increasing property prices, leaving the rest of the country in a completely different economy. As property prices seem to be cooling now in these two cities we may begin to see numbers of bankruptcies increase over the next 12 months in Greater Sydney and Melbourne.

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