Personal insolvencies rise for the first time in six years
Personal insolvencies rose in Australia during the year to June - the first annual increase since the 2009/10 financial year.Figures released by the Australian Financial Security Authority show that total personal insolvency activity rose by 4.4 per cent in the 12 months to June.That activity includes bankruptcies, which rose 0.2 per cent, debt agreements (up 11.4 per cent) and personal insolvency agreements (up 18.2 per cent).The number of debt agreement, at 12,150, was the highest ever recorded. There were 17,202 bankruptcies and 175 personal insolvency agreements.Insolvency activity was up in each quarter of the year but increased most sharply in the June quarter, when it rose 13.7 per cent compared with the same period last year.AFSA said in a media release that Western Australia, Queensland and the Northern Territory were the main contributors to the increase. Insolvencies were up 19.5 per cent in WA, 9.3 per cent in Queensland and 15.3 per cent in NT.Insolvencies rose 1.8 per cent in Victoria.Insolvency numbers fell in New South Wales (down 0.7 per cent), Australian Capital Territory (down 4.9 per cent), South Australia (down 0.8 per cent) and Tasmania (down 4.9 per cent).