WA attributed for 19.5 per cent of all Australian personal insolvency
VETTI KAKULAS, Business Reporter, PerthNow
BANKRUPT West Australians and Queenslanders were the main contributors to Australia’s first rise in personal insolvencies in five years.
The Federal Government’s Australian Financial Security Authority found personal insolvencies, including bankruptcies, debt agreements and personal insolvency agreements, increased by 4.4 per cent in 2015-16.
That includes 29,527 insolvencies in 2015–16, an increase of 1239 from 2014–15.
WA attributed for 19.5 per cent of all personal insolvency activity or about 5757 cases.
It’s the first annual rise in personal insolvencies since 2009-10, with debt agreements the highest level on record.
Bankruptcies increased 0.2 per cent in the past year, with WA and Queensland the only states or territories where bankruptcies increased.
Boom time iron ore prices descending significantly since November 2013, resulted in significant cost saving measures – project shut downs and thousands of jobs being axed. File image
There were 17,202 cases of bankruptcies with 22.7 per cent, or around 3904 cases, coming from WA.
AFSA said it’s the first annual rise in bankruptcies since 2008-09.
There were also record debt agreements in all states and territories except the ACT, Victoria and Tasmania.
The increased number of insolvencies could be viewed as a flow on effect from the mining downturn.
Boom time iron ore prices descending significantly since November 2013, resulted in significant cost saving measures – project shut downs and thousands of jobs being axed.
This week the iron ore price was sitting at around $US55 a tonne, a far cry from its heyday monthly average of $US187 a tonne in February 2011.
출처: http://www.perthnow.com.au/
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