In an “ominous turning point” for the Australian economy, data from CreditorWatch shows that the number of Australian companies appointing external administrators rose by 46% year-on-year in July.
There has also been a 50% increase in companies going into administration since April, with food, recreation and telecommunications firms hardest hit:
Anneke Thompson, chief economist at CreditorWatch, said the rises are being driven by an ongoing return to pre-pandemic insolvency rates and Australia’s rapidly souring economic outlook.
