Ann: FY24 Trading Update, page-19

This should be in print in 'The Australian' - well worth subscribing to - on Monday 15 April 2024:

(NB comment about cattle producers at the bottom that mirrors what ELD said):

"...Vantage Performance chief executive Michael Fingland whose company specialises in turning around distressed businesses said they have had a significant increase in work since the start of the year.

“We've seen a large increase in work ad that has been aligned with the ATO ramping up recovery proceeding,” he said.

“The total amount of debt outstanding to the ATO which is predominantly from SMEs (small medium enterprises) is $60bn and it has gone up $20bn since the start of Covid.

“We’ll have a bumpy 12 to 18 month period. We have household savings ratio of 1.2 per cent which is the lowest in 30 years and households have no cash left. Because of rising inflation and the increase interest rates they have no spare cash and are maxing out credit cards so there’s no buffer left.”

Mr Fingland said while businesses in the construction and discretionary retail sectors remain over-represented he has been seeing a rise in cattle producers and people on the fruit and vegetable sector seeking help.

“With the BOM (Bureau of Meteorology) calling an El Nino cattle producers started destocking because of expected drier conditions,” he said. “They were selling at a loss or very low margins as their produce flooded the market but there was a lot of rain and never so much feed."