Australian Business Insolvencies Hit Record High in Past 12 Months

Published on June 20, 2024

New research has shown that the number of insolvent Australian businesses has reached a record high in the past 12 months. Credit reporting agency CreditorWatch has released its Business Risk Index for May, providing a snapshot of the insolvency situation across business sectors. Overall, there was a 38 percent surge in insolvencies in all industries in the year to May 2024, up from 34 percent in the previous year. Compared to the highest level of insolvencies before the COVID-19 pandemic, the number of businesses unable to pay debts soared by 41 percent. Among the sectors, electricity, gas, water and waste services had the highest rate of insolvencies at 89 percent, driven by the rising number of small businesses that entered into administration....

Continue reading on website
Other news

How States Responded to the Opposition’s Nuclear Alternative to Net Zero

June 20, 2024
Australian state leaders have responded to federal Opposition Leader Peter Dutton’s plan to construct seven nuclear power plants across the country if elected.The Liberal-National Coalition is proposing to replace retiring coal-fired power stations with nuclear facilities, as an alternative path towards net zero—rather than adopt a mass roll-out of wind turbines, solar panels, and batteries.The sl

Boaters Find $1 Million Worth of Cocaine Floating Off Florida Keys

June 20, 2024
Recreational boaters have discovered 65 pounds of cocaine, with a street value of about $1 million, floating in the Florida Keys, according to the U.S. Border Patrol.Samuel Briggs II, the acting chief patrol agent of the U.S. Border Patrol, announced the discovery in a post on the social media platform X on June 18.A video shared alongside the announcement shows the packages of cocaine, which were