Crippling interest rates and sky-high prices of everyday items, from a bag of concrete to a cup of coffee, are behind record business insolvencies in Australia, research shows.
In the year to May, insolvencies reached a record high of 1378, a 38 per cent increase in the rate of business failures.Electricity, gas, water and waste services topped the list of industries by rate of increase in insolvencies, with an 89 per cent increase year-on-year, followed by education and training and mining .
The credit reporting agency survey also found the food and beverage services sector was the most vulnerable industry, with a 7.54 per cent failure rate, ahead of administrative and support services and arts and recreation services .The construction industry had the highest proportion of late payments, with 10.46 per cent of businesses having payments that are 60 or more days overdue.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Severe climate change could mean no business for the snow businessAustralia's 2024 ski season officially opens this long weekend. And as local businesses are busy preparing to welcome visitors, new modelling has shed light on what the future looks like for our snow resorts under different climate change scenarios.
Source: SBSNews - 🏆 3. / 89 Read more »
It's an ill wind: Big business makes big profits from international crisesA new report has exposed the amount of profit accumulated by Australia's largest organisations during times of global turmoil. Oxfam Australia has identified the mining, banking and supermarket sectors as having recorded the largest gains from 2021 and 2023.
Source: SBSNews - 🏆 3. / 89 Read more »
‘Raises red flags’: Coalition nuclear power plan met with widespread scepticism from business groupsAustralian energy sector and industry groups warn of risk of cost blowouts and destroying private sector investment
Source: GuardianAus - 🏆 1. / 98 Read more »
Vinnies CEO Sleepout amid 'new wave of homelessness' a deeply personal cause for business executiveThis year's annual homelessness fundraiser in which SA business and community leaders sleep rough for one night has a deeply personal relevance for Angelique Boileau, whose mother was imprisoned in post-war Hungary.
Source: abcnews - 🏆 5. / 83 Read more »
Brambles prepares offer for Loscam’s SE Asia business; bankers upFirst and foremost, Greenhill’s marching orders are to secure Loscam’s South East Asia business.
Source: FinancialReview - 🏆 2. / 90 Read more »
Fogarty Wine Group buys iconic Tasmanian walnut business to plant cool climate grapesThe wine glut in parts of Australia is not deterring developers from forging ahead with planting new vineyards in Tasmania.
Source: abcnews - 🏆 5. / 83 Read more »