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Scott th Ratbag

44,253 Posts.

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07/06/24

14:32

Post #: 74217226
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Originally posted by BCCanuck: ↑

"Australia’s most populous state, NSW, is hurtling towards a record year of business closures fuelled by a potent cocktail of persistent high interest rates, inflation, and reduced consumer spending.

Data from the Australian Securities and Investments Commission shows that NSW is set to register the highest number of insolvencies since the data set from the corporate regulator started in 1999, reported The Australian.

While NSW is home to more businesses than any other region in Australia, the state’s insolvency rate has also climbed 43.3 per cent to 3695 this financial year to April 30, putting it on a path that will see it cross its previous high of 4,487 in 2008."

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thats what happens when trying to suppress inflation.
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