The federal regulator's annual count found 3,402 business insolvencies last year, up from 2,480 in 2021. Business bankruptcies totalled 2,621 for the year, up from 1,942, while debt settlement proposals filed by businesses amounted to 781, up from 538 in 2021.
Even those that have seen a sales rebound are still facing elevated inflation and interest rates, labour shortages and supply chain challenges that have driven up costs and made operations more difficult. While the loans kept the businesses alive, Kelly said the repayment schedule is proving difficult to manage for many of them.
The sectors that saw the biggest drop were mining and oil and gas extraction, and finance and insurance.
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