Personal insolvency in regional Australia is growing

Peter Terlato 27 July 2016

Empty pockets

NT reports highest gains but Darwin sees biggest reduction in debtors.

Areas of regional Australia have recorded significant increases in the number of individuals entering into personal and business-related insolvency.

The Australian Financial Security Authority (AFSA) has released regional personal insolvency statistics for the June quarter 2016.

There was an 11% nationwide increase in the number of debtors who entered a personal insolvency in the three months to June, compared with the previous March quarter.

Personal insolvency cases rose across all states and territories, though the greater Darwin (-8.5%) and greater Adelaide (-2.7%) regions reported small quarterly decreases in the number of debtors.

The highest quarterly gains were seen in the Northern Territory, with the number of debtors rising 45.5% in the June quarter, compared to March. The next highest region was greater Hobart (32.8%), followed by greater Perth (22.1%) and the Australian Capital Territory (16.9%).

The number of debtors who entered a business-related personal insolvency climbed 20.6% in the June quarter 2016, when compared with the March quarter 2016.

Breaking down the stats further, the suburbs of Bringelly-Green Valley, Canterbury and Penrith were most responsible for the 16.2% increase in personal insolvency debtors in greater Sydney. In terms of business-related personal insolvency the main contributors to the 24.7% rise in debtors were Canterbury and Richmond-Windsor.

Debtors in Alice Springs contributed heavily to the rise in the Northern Territory, while the people of Palmerston helped Darwin to reduce the number of personal insolvency cases.

Does your debt concern you? Learn about personal insolvency, debt agreements and the light at the end of the tunnel using our facts-filled guide to bankruptcy.

Picture: Shutterstock

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