Personal insolvencies increased in August 2022, according to new monthly statistics released today by the Australian Financial Security Authority (AFSA).
During August, there were 886 new formal personal insolvencies - up from 692 in July.
Of the new personal insolvencies, 515 were bankruptcies, 361 were debt agreements, 9 were personal insolvency agreements and 1 insolvent deceased estate in August 2022.
Where we could identify the industry an individual worked in, the most common industries were:
- other services
- construction
- health care and social assistance.
In August 2022, there were 14 new temporary debt protections.
Throughout the period, 173 people who declared bankruptcy were also involved in a business - up from 138 in July.
People experiencing financial stress are encouraged to seek support early. Free confidential assistance is available through the National Debt Helpline.
If you're facing serious unmanageable debt and considering formal insolvency options, reach out to a registered trustee or registered debt agreement administrator.
