From The Australian:
According to the corporate regulator, the Australian Securities & Investments Commission, 900 businesses across the nation collapsed in June.
FTI Consulting, in a report analysing those figures, said it was the longest spate of collapses since records began in 1999.
“It is the first time 900 or more companies entered external administration over five consecutive months,” it said.
“So far in 2013, 5321 companies have entered external administration, a record for the first six months of a year.”
AMP Capital chief economist Shane Oliver said manufacturing, retail and tourism were “really struggling” in the economy and were driving insolvencies.
Mr Oliver said the market was expected to deteriorate further in coming months.
It’s just as well the mining boom isn’t over and the dollar is low enough.
