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Personal Insolvency Statistics Rise in 2016-2017

Sunday, July 30, 2017 - Posted by Michael McCulloch

The Australian Financial Security Authority ("AFSA") released their personal insolvency statistics for the 2016 - 2017 financial year and the June quarter 2017.

A summary of the statistics is below:

BANKRUPTCIES 2016-2017 FINANCIAL YEAR

Between 2009 and 2010 we have seen a drop in personal bankruptcies however 2015 and 2016 saw an increase of 0.2% New South Wales, Queensland and Victoria all saw falls in the last financial year with South Australia recording their lowest filing of personal bankruptcies for the fourth consecutive year.

Total Personal Insolvency Activity in Australia: % Change Compared to the Previous Financial Year


DEBT AGREEMENTS 2016-2017 FINANCIAL YEAR

Debt Agreement Proposals ("DAPs") were the highest level on record for the 2016-2017 financial year with some 13,597 being filed by individuals. This eclipsed the previous 2011-2012 financial year record with increases across all State and Territories except Tasmania.

QUARTERLY STATISTICS: JUNE QUARTER 2017

Total personal insolvencies decreased for the June quarter 2017 by 3.5% compared to the June quarter 2016. This decrease was limited entirely to personal bankruptcies alone which fell by 13.8%

In the June quarter 2017 3,888 bankruptcies were filed which is the lowest level of bankruptcies since the June quarter 2014 (3,857) however this was offset by the increase in DAPs which saw 3,670 filed in this quarter alone. DAPs reached new highs across New South Wales, South Australia and Queensland.

Bankruptcies in Australia: % Change Compared to Same Quarter in Previous Year


All quoted figures refer to personal administration under the Bankruptcy Act and not corporate insolvency.

Graphic Source: AFSA - Total Personal Insolvency Activity
Graphic Source: AFSA - Bankruptcies in Australia

Source: AFSA Media Release - Personal Insolvencies Rise in 2016 - 17


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