Business insolvencies hit four-year high as price pressures squeeze hospitality and construction sectors

Business failures have hit their highest level since October 2020, with the hospitality and construction sectors seeing the most insolvencies, according to CreditorWatch.

The agency identified three main reasons for insolvency that failed businesses had in common: the higher cost of living, the higher cost of doing business, and the Australian Taxation Office's efforts to CreditorWatch predicted the sector's failure rate would rise in the coming 12 months to reach 9.1 per cent.Construction had the second-highest business failure rate, with a 12-month average of 5.3 per cent, however CreditorWatch's data showed it appeared to be "levelling out".It might be a labour of love, but passion isn't paying the bills for thousands of cafes and restaurants who are struggling to stay in business amid rising costs and falling demand.

Mr Colhoun said the rising arrears were "not surprising" given the higher cost of doing business and higher interest rate environment. "It does depend a little bit on whether we're seeing bigger businesses fail or smaller businesses fail, and it also depends on whether there's still reasonable demand for labour," Mr Colhoun said.

ประเทศไทย ข่าวล่าสุด, ประเทศไทย หัวข้อข่าว

Similar News:คุณยังสามารถอ่านข่าวที่คล้ายกันนี้ซึ่งเรารวบรวมจากแหล่งข่าวอื่น ๆ ได้

Uluru wet weather track closures costing tourism operators vital businessTourism operators are calling on Parks Australia to urgently upgrade the Uluru base walk to an all-weather track, after years of intermittent rain closures hurting local businesses.
แหล่ง: abcnews - 🏆 5. / 83 อ่านเพิ่มเติม »

Empty shops and ghost centres: How bad is business for retailers in Brisbane’s CBD?Plans to revitalise the CBD’s retail reputation have been teased for years. Retail vacancy rates in the city are now are the second highest in the country.
แหล่ง: brisbanetimes - 🏆 13. / 67 อ่านเพิ่มเติม »

Why does big business want Australia to spend billions on not building houses?Housing developers have a keen financial interest in drip-feeding new homes into the market to maximise their returns
แหล่ง: GuardianAus - 🏆 1. / 98 อ่านเพิ่มเติม »

'Dirty business': Expert's staggering find when probing trading of Aussies' dataHer investigation took her deep into the little known world of "data brokers" where personal data is legally sold for profit, and our current privacy laws do little to stop them.
แหล่ง: 9NewsAUS - 🏆 10. / 72 อ่านเพิ่มเติม »

Looming gas shortfall threatens the way we do businessSarah Ferguson presents Australia's premier daily current affairs program, delivering agenda-setting public affairs journalism and interviews that hold the powerful to account. Plus political analysis from Laura Tingle.
แหล่ง: abc730 - 🏆 14. / 63 อ่านเพิ่มเติม »

The New York Liberty show investment in women’s sports is simply good businessFive years after playing before crowds of 2,000 fans in White Plains, the Liberty completed a stunning turnaround with a first WNBA title. And the future looks brighter than ever
แหล่ง: GuardianAus - 🏆 1. / 98 อ่านเพิ่มเติม »