The number of businesses in external administration has hit a record high, according to CreditorWatch.
Australian mortgage rates have risen much higher than US mortgage rates, because most Americans are on long-term fixed loans .That's now raising the prospect that we may end up cutting rates before the United States, an outcome that would place the Aussie dollar under even more pressure.
"Most businesses, particularly those that are consumer facing, and therefore exposed to the vagaries of discretionary spending, are being hit by a range of heavy impacts," he said. The relative safe havens for business owners are to be found in healthcare and social assistance, benefiting from a government-funded NDIS boom, agriculture and fisheries, and the finance and insurance sector.The worst-hit areas — those with the highest risk of business failure — are centred around Western Sydney and South-East Queensland.
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