Business insolvencies hit four-year high as price pressures squeeze hospitality and construction sectors

The rate of business closures in Australia has reached a four-year high, with higher cost of living pressures facing households contributing to more companies shutting up shop.

Data released by debt-monitoring firm CreditorWatch showed the failure rate of businesses rose to 5.04 per cent in October — the highest since the peak of the COVID-19 pandemic in October 2020, when the failure rate reached 5.08 per cent.

Know More: https://www.abc.net.au/news/2024-11-20/business-insolvencies-reach-highest-level-since-october-2020/104615438