Kellie Sloane
Leader of the Opposition
NSW Liberal Leader
Gurmesh Singh
NSW Nationals Leader
Shadow Minister for Small Business
Scott Farlow
Shadow Treasurer
A record 1,907 NSW companies went bust in the September quarter, as businesses buckle under mounting costs and taxes under the Minns and Albanese Labor governments.
ASIC figures show corporate insolvencies rose 46.1 per cent compared with the same period last year, reaching the highest quarterly total since records began in 1999.
Construction accounted for 882 insolvencies, up 141.6 per cent on the September quarter last year, with the figures affected by the collapse of the Bathla Group and related companies.
NSW Liberal Leader Kellie Sloane said the figures exposed the growing strain on businesses across NSW.
"Businesses are being squeezed from every direction, with rising bills and higher taxes under Labor, while their customers have less money to spend," Ms Sloane said.
"The Minns and Albanese Labor governments keep asking businesses to carry more, when many are struggling to stay afloat."
Shadow Minister for Small Business Gurmesh Singh said Labor's dismissal of payroll tax relief as "desperation" showed how out of touch it was with struggling businesses.
"Small business owners are pouring their savings into keeping the doors open, working longer hours and wondering how much longer they can keep going," Mr Singh said.
"They deserve better than a State Labor Government that ridicules tax relief and a Federal Labor Government that keeps adding to the burden of running a business."
Shadow Treasurer Scott Farlow said the construction insolvencies also raised concerns about the flow-on effects for housing delivery and the wider economy.
"The collapse of Bathla has substantially affected these figures, but it also highlights the risks to tradies, suppliers and families waiting for homes when a major construction group goes under," Mr Farlow said.
"Chris Minns cannot promise more homes while ignoring the pressure Labor's taxes are putting on the businesses we need to build them, that is why we're seeing falling completions and insolvencies in NSW."
