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Bankruptcy figures confirm worst recession in 60 years



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PARLIAMENT OF AUSTRALIA HOUSE OF REPRESENTATIVES

PETER COSTELLO, M.P. FEDERAL MEMBER FOR HIGGINS SHADOW MINISTER FOR CORPORATE LAW REFORM AND CONSUMER AFFAIRS

PARLIAMENT HOUSE, CANBERRA, ACT. 2600. SUITE R 2 117 PHONE (062) 77 4750 FAX (062) 77 2124 20 BEATTY AVENUE, ARMADALE, VIC 3143

PHONE (03) 822 4422 FAX (03) 822 0319

BANKRUPTCY FIGURES CONFIRM WORST RECESSION IN 60 YEARS

Recent bankruptcy figures confirm Australia is experiencing the worst recession in 60-years, according to the Shadow Minister for Corporate Law Reform and Consumer Affairs Peter Costello.

Mr Costello said the number of Australians declared bankrupt in the year to 30 June 1991 was 12,991.

"This is a record figure and is 50% higher than in 1989-90 which was itself a record.

He said the number of bankruptcies to 30 June 1991 was some 150% greater than the peak number (5151) during the previous recession of 1982-83.

Mr Costello said these were the highest bankruptcy figures for 60 years in the worst recession for 60 years.

"Being declared bankrupt is the most extreme financial penalty a person can pay. Their affairs are taken out of their hands and they lose everything.

"In most cases many innocent people lose their jobs adding to the record dole queues.

"But bankruptcy is just one side of the ledger. For every

bankrupt there are unpaid creditors.

Mr Costello said a rise in bankruptcy meant that irrecoverable debts would increase damaging other businesses and possibly leading to even further job losses.

For further information contact Anthony Smith Ph 03 822 4422

AH 018 324 009

10 November 1991

Μ C iM iliW BS

YEAR

1948- 49 1949- 50 1950- 51 1951- 52 1952- 53 1953- 54 1954- 55 1955- 56 1956- 57 1957- 58

1958- 59 1959- 60 1960- 61

1961- 62 1962- 63 1963- 64

1964- 65 1965- 66 1966- 67 1967- 68 1968- 69 1969- 70 1970- 71 1971- 72 1972- 73 1973- 74 1974- 75 1975- 76 1976- 77 1977- 78 1978- 79 1979- 80 1980- 81 1981- 82 1982- 83 1983- 84 1984- 85 1985- 86 1986- 87 1987- 88 1988- 89 1989- 90 1990- 91

NUMBER OF POPULATION BANKRUPTCY RATE BANKRUPTCIES NUMBERS PER MILLION

302 7796.5 0.0387

333 8044.3 0.0414

308 8303.0 0.0371

382 8528.6 0.0448

636 8734.2 0.0728

687 8900.3 0.0772

769 9089,7 0.0846

798 9314.2 0.0857

1200 9532.5 0.1259

1357 9742.4 0.1393

1603 9948.3 0.1611

1949 10163.9 0.1917

2004 10390.9 0.1929

2239 10644.8 0.2103

2371 10846.6 0.2183

2392 11059.3 0.2163

2453 11278.6 0.2175

2384 11500,6 0.2073

2284 11703.2 0.1952

2379 11910.0 0.1997

2302 12144.0 0.1895

2236 12404.2 0.1803

2428 12657.5 0.1918

2684 13192.2 0.2034

2254 13406.2 0.1681

1537 13612.0 0.1129

2061 13818.2 0.1495

1900 13965.8 0.1360

2196 14111.0 0.1556

3134 14280.2 0.2195

3857 14436.4 0.2672

4979 14601.8 0.3409

5153 14809.8 0.3479

4575 15051.5 0.3039

5151 15280.9 0.3371

4909 15485.2 0.3170

4664 15681.9 0.2974

5581 15901.0 0.3509

7495 16139.9 0.4644

8504 16402.0 0.5185

7414 16696.7 0.4440

8636 16959.0 0.5092

12,991 17189.2*

*(AV)

0.7557