WA experienced a 20% rise, in personal insolvencies in 2016-17, according to data released today by The Australian Financial Security Authority. On the other hand there were falls in NSW and VIC, highlighting the different economic conditions across the states.
The number of personal insolvencies increased 2.1% in 2016–17 compared to 2015–16. bankruptcies decreased by 5.1%, debt agreements increased 11.9% and personal insolvency agreements increased 39.4%.
Bankruptcies
Bankruptcies have fallen in every year since 2009–10 except for 2015–16 (when they increased by 0.2%). New South Wales, Victoria and Queensland were the main contributors to the national fall in bankruptcies in 2016–17 compared to 2015–16 (each with falls exceeding 200 bankruptcies in the period). Bankruptcies in South Australia in 2016–17 fell to the lowest level on record for the fourth consecutive financial year.
Debt Agreements
Debt agreements in 2016–17 were the highest level on record (13,597). They have reached new records each year since 2011–12. Debt agreements in 2016–17 were the highest level on record in all states and territories except Tasmania.
Personal Insolvency Agreements
Personal insolvency agreements in 2016–17 reached their highest level (244) since 2012–13.
All the above figures refer to personal administrations under the Bankruptcy Act only (and not corporate insolvency).
