Personal insolvencies surge in NSW, hit record high in WA

By Leith van Onselen

The Australian Financial Security Authority (FSA) has released personal insolvency statistics for the March quarter, which reveals that total personal insolvencies hit a record quarterly high in WA (1,020) and the highest level since the September quarter if 2014 in NSW (2,372). Debt agreements also hit a record quarterly high in NSW:

At the national level, total personal insolvencies rose slightly to 7,910, increasing by 0.1% in the March quarter compared to the March quarter 2017. Bankruptcies decreased by 1.8%, debt agreements increased by 3.9% and personal insolvency agreements decreased by 59.3%:

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.