Australia is expected to tip into a recession in the next 12 months, driving up the rate of insolvencies in businesses as they struggle to cope with increasing costs.
The TMA covers the advisory groups that usually work on larger corporate collapses and the law firms and debt market professionals that assist them. Corporate insolvencies jumped 62 per cent in the year to June to the highest level since 2018-2019. According to figures released by the corporate watchdog, 7943 companies appointed administrators, liquidators or receivers in 2022-2023.
‘Construction was the first industry to be affected, unable to pass on rising costs due to fixed-price contracts. We are now seeing other industries affected [...] It’s trickling through the economy.’“During and post COVID we had supply chain issues, which affected costs for manufacturing,” said James Wagg, KordaMentha executive director of performance improvement.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘Waterfall effect’: Recession looms as more businesses face collapseMost of the experts involved in corporate insolvencies warn Australia will tip into a recession in the next 12 months.
Source: smh - 🏆 6. / 80 Read more »
‘Lot at stake’: China’s relationship with Australia ‘very important’ for SA tradeAustralia’s trade relationship with China is “certainly going better”, says South Australia Planning and Housing Minister Nick Champion. “We’ve seen the relationship stabilise and the tariffs on barley come off, which is a really great start,” Mr Champion said at The Advertiser Bush Summit. “It’s a very important relationship for Australia … South Australia in particular has a lot at stake with this major market.”
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Spy agency caught up in KPMG consulting scandalAustralia's cyber spy agency has been caught up in the KPMG consulting scandal.
Source: abcnews - 🏆 5. / 83 Read more »
'Screwed up': There is 'virtually no part of Australia' these people can afford to rent inColleen Carena was living in a caravan park and is now in a unit a charity is providing. For her and other essential workers who rent, a new survey shows 'virtually no part of Australia is affordable'.
Source: SBSNews - 🏆 3. / 89 Read more »
Services Australia staff to walk off job across the country after 'years of attacks'Employees from hundreds of government offices including Centrelink, Medicare, the PBS and Child Support will walk off the job on Tuesday after 'years of attacks' amid long-ongoing negotiations with the government.
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Australia Post shakes-up delivery service for online shoppersThe Albanese government has hailed a 'win-win' for customers and retailers after Australia Post introduced a new service to respond to the needs of online shoppers.
Source: SkyNewsAust - 🏆 7. / 78 Read more »