I don't recall the bankruptcies being abnormal and I did very well in business
Well you may have been one of the lucky ones, many did go by the wayside in those years.
Losses Early in the Decade The 1990s began with the banking industry experiencing its worst losses in almost a century.
The sum of the individual losses (before tax) in 1990, 1991 and 1992 exceeded A$9 billion – equivalent to over 21/4 per cent of GDP in 1990, or over one-third of the aggregate level of shareholders’ funds in the banking system in 1989
