More than 32,000 Australians went bankrupt in 2017 – a 6.1% year-on-year increase, according to illion’s Personal Bankruptcy Analysis. The rise follows a 4.7% year-on-year hike recorded in 2016.
“Consumer debt levels are rising steadily in Australia as a result of record mortgages and a surge in everyday essentials such as utilities, petrol and healthcare. These factors, combined with weak wage growth, are putting pressure on the wallets of Australians.”
Simon Bligh, illion CEO