Data shows more than one in 20 businesses across the country is failing as consumer spending dries up and high costs hit their bottom line.
Businesses are failing at the highest rate since the depths of the pandemic while Reserve Bank board members admit they are seeing signs of firms laying off staff as the economy struggles.
The highest failure rates are in western Sydney and south-east Queensland. In the Sydney suburbs of Bringelly, Merrylands, Canterbury and Bankstown, the failure rate is above 7.5 per cent. Consumers are more upbeat about their finances and the state of the economy while expectations about inflation are starting to ease.
“We’re not pretending it’s mission accomplished – it isn’t. We are realistic about this, but optimistic, too,” he will say. Minutes of the bank’s November 4-5 meeting revealed it could cut rates if the jobs market deteriorated faster than forecast or inflationary pressures eased more quickly than expected.
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