Tuesday, January 22, 2019
In the December quarter 2018, bankruptcies fell to their lowest level since March 1995, according to the latest personal insolvency statistics released by the Australian Financial Security Authority (AFSA).
There were 3,788 bankruptcies in the December quarter of 2018, a 6% fall compared to the December quarter of 2017. This fall means that bankruptcies are at their lowest level since the March quarter of 1995. There were falls in all states and territories except Western Australia and the Northern Territory.
Total personal insolvencies fell 10.9% in the December quarter 2018 compared to the December quarter 2017. They fell in all states and territories.
These statistics cover the three types of personal insolvencies: bankruptcies, debt agreements and personal insolvency agreements. Debt agreements and personal insolvency agreements are legally binding agreements for somebody who is insolvent to pay their creditors an agreed amount.
In the December quarter 2018, 18.0% of new debtors entered a business related personal insolvency. The highest proportion was in Western Australia.
