Insolvency rising as manufacturers collapse

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PERSONAL insolvency in Aus­tralia has increased by 6.1 per cent compared to the same quarter last year, despite the number of personal insolvency agreements being at their lowest since 2007.

The closures in the Victorian car manufacturing industry and the decline in the West Australian mining sector are being blamed for the results, with those states showing the highest increases in personal insolvency in statistics released by the Australian Financial Security Authority yesterday.

According to AFSA, the number of bankruptcies and debt agreements outstripped the number of personal insolvency agreements, leading to the seemingly contradictory result.

The March results show debt agreements in Queensland and WA are now at the highest on record.

WA is also leading the way with Victoria in record levels of personal insolvency, increasing 19.47 per cent in WA and 15.21 per cent in Victoria compared to the previous March quarter.

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