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Personal insolvencies stay moderate

Personal insolvencies numbers rose in 2023 but are still nowhere near pre-COVID levels, new figures show. According to the latest Australian Financial Security Authority figures, there were 2608 new personal insolvencies in the December quarter last year. This is up from 2321 personal insolvencies in the December quarter 2022 – an increase of 12.4 per cent. But the numbers are down 16.1 per cent from the 3108 personal insolvencies recorded in the September quarter last year. In the latest period, there were 1527 bankruptcies, 1042 debt agreements, 37 personal insolvency agreements and two insolvent deceased estates. Just over a quarter (713) were business related. Personal insolvencies rose in all states and territories, except Western Australia and the Northern Territory. Personal insolvencies have not returned to pre-COVID levels, when numbers were between 6000 and 8000 a quarter.

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