Australian Business Insolvencies Hit Record High in Past 12 Months

There was a 38 percent surge in insolvencies in all industries in the year to May 2024.

People shop in a department store in Melbourne, Australia, on Oct. 29, 2021. William West/AFP via Getty Images

New research has shown that the number of insolvent Australian businesses has reached a record high in the past 12 months.

Credit reporting agency CreditorWatch has released its Business Risk Index for May, providing a snapshot of the insolvency situation across business sectors.