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Over 32,000 Australians declared bankruptcy in the 2018 fiscal year, up 4% from a year before according to figures from analytics firm illion.
“The lights are flashing red across several regions in terms of rising consumer stress levels. Sydney’s declining property market and the significant rise in personal bankruptcies could be mirrored in Melbourne in FY2019, as its property market is showing signs of following the same downwards trajectory,” said CEO Simon Bligh.
The firm combined official bankruptcy data with its data matching capabilities to obtain the results.
Data revealed that Western Australia saw the highest annual change with 11% more bankruptcies, followed by the Northern Territory at 10.6%. Only Victoria saw a drop among states, with bankruptcies shrinking by 2.2%.
“Bankruptcy has long-term effects on a person’s financial position such as impacting their ability to borrow or even rent a home,” Bligh said.
When grouped by suburb, Queensland accounted for five of the top 10 with most bankruptcies – but the Western Australia suburb of Baldivis ranked first at 105, marking an 11.7% increase from the previous year.
