After sitting at record low numbers for the past couple of years, personal insolvency numbers are starting to return to long-term average levels. According to the latest Australian Financial Security Authority figures, there were 2705 new personal insolvencies in the June quarter – up 8.5 per cent on the March quarter and up 17.6 per cent on the June quarter last year. There were 9930 personal insolvencies in the year to June, compared with 9545 in 2021/22. Of those, 5844 were bankruptcies and 3942 were debt agreements. Close to 25 per cent (2435) were business related. AFSA said personal insolvencies rose in all states and territories, except South Australian and Western Australia, where numbers remained steady. AFSA’s chief data analytics and intelligence officer, Ignatius McBride, said: “We have seen historical lows in personal insolvencies in recent years, particularly in 2021/22 following targeted economic responses to the pandemic from industry and government. “This marginal increase is in line with forecast, as we expect to see personal insolvencies revert towards the 10-year average over the next two years.” Personal insolvency numbers averaged 25,300 a year over the 10 years to 2021/22.