Debt on the rise, with Queenslanders hardest hit



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When it comes to personal debt, Queenslanders are struggling the most.

Statistics released by the Australian Financial Security Authority (AFSA) show that personal insolvency has increased across Australia for the March quarter 2017.

Queensland has the highest number of debtors, and this number is continuing to rise, with personal insolvency numbers increasing 19.3 per cent over the quarter in the Greater Brisbane area.

Throughout the rest of Queensland, the Caloundra region was the hardest hit with the number of debtors rising 9.4 per cent over the quarter.

The Northern Territory has recorded the lowest number of debtors, with some regions even decreasing their levels. Overall however, rates are still on the rise.

Personal insolvency in Australia: number of debtors per state/territory

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New South Wales

Greater Sydney

  • In the March quarter 2017 compared to the December quarter 2016:
    • the number of debtors rose 11.0%; the main contributor to the increase was Wyong
    • the number of debtors who entered a business related personal insolvency rose 8.6%; the main contributors to the increase were Wyong and Penrith.

Rest of NSW

  • In the March quarter 2017 compared to the December quarter 2016:
    • the number of debtors rose 1.9%; the main contributor to the increase was Lachlan Valley
    • the number of debtors who entered a business related personal insolvency fell 10.7%; the main contributor to the fall was Coffs Harbour.

Australian Capital Territory

  • In the March quarter 2017 compared to the December quarter 2016:
    • the number of debtors rose 26.9%; the main contributor to the increase was Belconnen
    • the number of debtors who entered a business related personal insolvency rose 84.6% (from 13 debtors to 24).

Victoria

Greater Melbourne

  • In the March quarter 2017 compared to the December quarter 2016:
    • the number of debtors rose 13.4%; the main contributor to the increase was Whittlesea – Wallan
    • the number of debtors who entered a business related personal insolvency rose by 5.7%; the main contributor to the increase was Mornington Peninsula.

Rest of Vic

  • In the March quarter 2017 compared to the December quarter 2016:
      • the number of debtors rose 10.8%; the main contributor to the increase was Glenelg – Southern Grampians
      • the number of debtors who entered a business related personal insolvency rose 8.3%; the main contributor to the increase was Bendigo.

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Queensland

Greater Brisbane

  • In the March quarter 2017 compared to the December quarter 2016:
    • the number of debtors rose 19.3%; the main contributor to the increase was Ipswich Inner
    • the number of debtors who entered a business related personal insolvency rose 13.9%; the main contributor to the increase was Springfield – Redbank.

Rest of Qld

  • In the March quarter 2017 compared to the December quarter 2016:
    • the number of debtors rose 9.4%; the main contributor to the increase was Caloundra
    • the number of debtors who entered a business related personal insolvency fell 2.1%; the main contributor to the fall was Rockhampton.

South Australia

Greater Adelaide

  • In the March quarter 2017 compared to the December quarter 2016:
    • the number of debtors rose 12.6%; the main contributor to the increase was Marion
    • the number of debtors who entered a business related personal insolvency rose 9.8%.

Rest of SA

  • In the March quarter 2017 compared to the December quarter 2016:
    • the number of debtors rose 51.0%; the main contributor to the increase was Murray and Mallee
    • there were 25 debtors who entered a business related personal insolvency in the March quarter 2017, a rise from 12 in the December quarter 2016.

Northern Territory

  • The number of debtors rose 18.8% in Greater Darwin in the March quarter 2017 compared to the December quarter 2016
  • There were 18 debtors in rest of NT in the March quarter 2017, a fall from 20 in the December quarter 2016
  • There were 13 debtors who entered a business related personal insolvency in Northern Territory, a fall from 16 in the December quarter 2016.

Western Australia

Greater Perth

  • In the March quarter 2017 compared to the December quarter 2016:
    • the number of debtors rose 11.6%; the main contributor to the increase was Cockburn
    • the number of debtors who entered a business related personal insolvency was unchanged at 155 debtors.

Rest of WA

  • In the March quarter 2017 compared to the December quarter 2016:
    • the number of debtors rose 5.3%; the main contributor to the increase was Albany
    • the number of debtors who entered a business related personal insolvency rose 9.1%; the main contributor to the increase was Bunbury.

Tasmania

  • In the March quarter 2017 compared to the December quarter 2016:
    • the number of debtors who entered a personal insolvency in Greater Hobart fell 7.2%; the main contributor to the fall was Brighton
    • the number of debtors rose 35.5% in rest of Tas; the main contributor to the rise was Launceston
    • the number of debtors who entered a business related personal insolvency in Tasmania was unchanged at 28 debtors.
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