Victoria is facing a severe business crisis, with the latest data from the national corporate regulator showing a surge in companies closing under the Allan Labor Government.
According to Australian Securities and Investments Commission's newly released insolvency data, 4242 Victorian companies collapsed or had a financial controller appointed in the 2024-25 financial year - a staggering 48 percent increase compared to 2023-24 2863, the largest percentage increase of any mainland Australian state.
Although the number of insolvencies was higher in New South Wales, their annual increase was less than half that of Victoria, at almost 23 per cent.
Shadow Treasurer, James Newbury, said these figures highlight the severe damage Labor's economic policies are causing Victorian businesses and families.
"Labor's economic mismanagement is crushing confidence, cutting jobs, and driving businesses to collapse across Victoria.
"Rising taxes and soaring energy costs are forcing businesses to close, hurting hardworking Victorians.
"A 48 per cent spike in insolvencies in a year - nearly double in two, shows Labor has lost control of Victoria's economy and is failing families and businesses.
"Labor can't manage money, and Victorians are paying the price.
"Small and medium-sized businesses are the backbone of our economy. They deserve a government that supports them, not one that ignores them. Only the Liberals and Nationals will listen, spend responsibly, and cut fives taxes holding Victoria's economy back."
