Provisional personal insolvency numbers increase in May 2023

Personal insolvencies increased in May 2023, according to new monthly provisional statistics released by the Australian Financial Security Authority (AFSA).

During May, there were 1,031 new formal personal insolvencies – up from 769 in April.
Of the new personal insolvencies, there were 628 bankruptcies, 387 debt agreements and 16 personal insolvency agreements. There were no deceased estates. The most common industries were:

• Construction
• Health care and social assistance
• Other services