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Record personal bankruptcies in 2001



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Media Release

BOB McMULLAN MP SHADOW TREASURER FEDERAL MEMBER FOR FRASER

TELEPHONE: (02) 6277 4803 ! FACSIMILE: (02) 6277 8496

TREA03/02 8 January 2002

RECORD PERSONAL BANKRUPTCIES IN 2001

A record 26,052 personal bankruptcies were recorded in 2001, according to the official figures released by the Insolvency and Trustee Service of Australia (ITSA).

The figures reveal bankruptcies were higher in every quarter of 2001 compared to the previous year, including the single worst quarter ever in June, and a 13 per cent increase in the December quarter 2001 over the same quarter a year earlier.

Heading into Christmas, these figures reveal the enormous pressure that Australian families have been under over the past 12 months.

With record credit card debt in the months leading up to Christmas, rising unemployment, and concerns about exports and investment, these bankruptcies figures sound yet another a wake-up call for the Howard Government.

Australian families deserve much more than a visionless and policy lazy Treasurer.

Further information: Stephen Spencer (02) 6277 4022 (w), 0419 695 435

Record number of personal bankruptcies: up 21 percent in 2001

18000

20000

22000

24000

26000

(bankruptcies)

Source: Insolvency and Trustee Service of Australia

2000 2001

21 percent increase