Friday, January 27, 2017 - Posted by Michael McCulloch
The Australian Financial Security Authority
("AFSA") have released their personal insolvency statistics for the December 2016 quarter.
The following table presents the quarterly statistics for the December 2016 quarter:
Personal Insolvency Statistics (December 2016 Quarter)
Total personal insolvencies increased by 0.9% compared to the December 2015 quarter. This was predominantly driven by increases in Western Australia, Australian Capital Territory and Queensland.
- Bankruptcies fell 4.9%;
- Debt Agreements increased by 9.5%; and
- Personal Insolvency Agreements increased by 4.9%
Overall Debt Agreements in the December 2016 quarter was the 4th highest on record with 3,036 lodgements.
Business Related Personal Insolvency (December 2016 Quarter)
The December 2016 quarter saw 17.7% of debtors enter into a business related personal insolvency. This was a decrease of 18.4% compared to the September 2016 quarter.
- Economic conditions was the most common business related cause; and
- Unemployment or loss of income and / or excessive use of credit were the most common non-business related causes.
A full range of Statistics that are compiled and maintained by AFSA can be viewed on their Statistics