New South Wales has emerged as the worst state in Australia for business insolvencies, according to a report from Business NSW highlighting that the state accounted for 42% of the country’s insolvencies in 2023-24, despite only comprising 31% of the national population.
The report, which analysed data from the Australian Securities and Investments Commission (ASIC), noted that NSW is the only state where average yearly insolvencies have increased since the pandemic.
