Businesses are pleading with the state government to avoid inflicting further tax pain in the upcoming May budget, with new figures showing a sharp jump in the number of companies pushed to bankruptcy by soaring interest rates and other cost pressures.
Business leaders are warning the state is facing a tough year, with consumers keeping their hands in their pockets against a backdrop of global economic uncertainty. The rise in insolvencies coincided with 13 consecutive interest rate hikes over about 18 months, with the Reserve Bank lifting its cash rate from a historic low of just 0.1 per cent in May 2022 to 4.35 per cent by November last year as part of an aggressive campaign to stamp out high inflation.
South Yarra specialty food store owner Greg LaManna, with daughter Kayla and son Brandon, says the cost of doing business in Melbourne has risen sharply.“Because of the rising cost of doing business, people in Victoria can’t make money,” he says. “So the only way out for some is to run their business down or as a worst-case scenario even close.”
Source: Loan Digest (loandigest.net)
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