THE carbon tax is contributing to a record number of firms going to the wall with thousands of employees being laid off and companies forced to close factories that have stood for generations.
Soaring energy bills caused by the Government's climate change scheme have been called the "straw that broke the camel's back" by company executives and corporate rescue doctors who are trying to save ailing firms.
New data from the corporate regulator reveals insolvencies have hit a record high over the past 12 months, led by widespread failures in manufacturing and construction, which accounted for almost one-fifth of collapses.
The Australian Securities & Investments Commission reports there were 10,632 company collapses for the 12 months to March 1 - averaging 886 a month - with the number of firms being placed in administration more than 12 per cent higher than during the global financial crisis.
