The high cost of living and the ‘bullwhip effect’ have had a deleterious effect, particularly on food services and building, resulting in a decade-high 10,000 collapses
Australia’s corporate regulator expects the total number of annual collapses will surpass 10,000 by the end of June, a level not seen since the 2013 financial year.Australia’s corporate regulator expects the total number of annual collapses will surpass 10,000 by the end of June, a level not seen since the 2013 financial year.
The hospitality industry is recording a spate of collapses as consumers cut their restaurant and cafe spend during a cost-of-living crisis.This rubs against the support hospitality businesses received from the community in the early pandemic, in part due to programs such as state government-issued dining vouchers.
Worker shortages and supply chain delays also led to a blowout in build times, another factor that dents profitability. When it comes to late payments, the construction industry is outpacing the broader market, paying their dues on average 10.2 days after they are supposed to.
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