Already a subscriber?A wave of business failures in construction, hospitality and retail has pushed up the number of monthly insolvencies to the highest in almost a decade, as rising borrowing costs, weaker consumer spending and a more aggressive Tax Office take their toll.
“The ATO has increased the number of court winding up applications and upped the ante in recovering corporate tax. It is also issuing more director penalty notices,” she said.The embattled construction sector recorded the largest increase in insolvencies over the past 12 months. The hospitality and retail trade industries, which are bearing the brunt of a sharp slowdown in consumer demand, also recorded sizeable increases in insolvencies over the past year.
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