With the annual personal insolvency statistics for 2022-2023 not due until December 2023, AFSA has released a quarterly report for the July-September quarter 2023, showing an increase over the July-September quarter of 2022.
That is, there were 3,108 new personal insolvencies in the 3-month period to September 2023 – up from 2,410 in September 2022.
Over 25% were business-related (782).
This is the first time the July-September quarter has exceeded 3,000 personal insolvencies since Covid in 2020, reversing a trend down since then.
In the July-September 2018 quarters and following, the numbers were:
2018 7492
2019 6093
2020 2988
2021 2621
2022 2410
2023 3108.
Numbers for the last 2 years have been around 10,000, and while AFSA says that we are likely to see those numbers heading back towards the 10-year average of 25,000 per annum, its prediction for 2023-2024 is an increase to 14,000 personal insolvencies. AFSA Chief Executive speech at the 2023 Association of Independent Insolvency Practitioners (AIIP) conference | Australian Financial Security Authority
Quarterly personal insolvency statistics | Australian Financial Security Authority (afsa.gov.au)
