Insolvency statistics show decline despite COVID-19
The Australian Financial Security Authority (AFSA) has released their personal insolvency statistics for the 2020-21 financial year.
The statistics, which cover all types of personal insolvencies, show that while there were 10,621 total new insolvencies this still represented a reduction of 49.6% compared to the 2019-20 financial year with falls across all States and Territories. Overall:
Personal Insolvency Agreements fell by 46.7% (89 in total)
Bankruptcies fell by 46.7% (6,792 in total)
Debt Agreement Proposals fell by 54.2% (3,731 in total)
The Northern Territory saw the largest reduction in personal insolvency activity which saw a reduction of 57.2% compared to the same period last year.
Source: AFSA Newsroom