Will this have any impact on demand for FSA services?
"Bankruptcy threshold permanently lifted to $10,000 Tom McIlroy AFR Political reporter Dec 18, 2020
The Morrison government has made permanent a lift in the threshold for personal bankruptcy actions sparked by COVID-19, doubling debt protections for financially challenged Australians.
Attorney-General Christian Porter said a new permanent $10,000 threshold would be in place from January 1, up from the pre-pandemic rate of $5000.The change – designed to make it harder for recession-hit Australians to be placed into bankruptcy over small amounts of debt – follows a temporary increase to $20,000 introduced at the height of the coronavirus crisis."
On the other hand the article also said:
"The Reserve Bank of Australia warned in October it was bracing for thousands of extra small-business failures and a rise in household financial stress over the coming months when loan repayment deferrals and government income supports end."
FSA Price at posting:
$1.13 Sentiment: None Disclosure: Not Held
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