There’s been an “astonishing” increase in the number of administrators appointed to struggling firms, in a further sign the overall economy is struggling.
Administrators are being appointed to struggling businesses at an “astonishing” rate with firms in states most exposed to higher interest rates, NSW and Victoria, at the greatest risk of going under.
According to the company, there were 11,049 administrators appointed to companies in the 2023-24 financial year, a 39 per cent jump on the previous year.The states with the country’s largest mortgages and the highest rents are feeling the pinch most. NSW accounts for more than half of all insolvency appointments at 6654 with another 3501 Victorian-based businesses in financial trouble. Appointments are up by 41 per cent in NSW, Victoria and Queensland.
The nation’s small business ombudsman Bruce Billson – a former minister in the Abbott and Howard governments – will on Thursday release a 14-point plan he believes will energise the sector.
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