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Rockingham: Australia's most bankrupt region

Posted on 2/08/2016 by Rhiannon Smith
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Rockingham is now the most bankrupt region in Australia following an 88 per cent increase in personal insolvency in the last year.

Rockingham is now the most bankrupt region in Australia following an 88 per cent increase in personal insolvency in the last year.

Australian Financial Security Authority’s latest statistics show in the last quarter Rockingham had 112 insolvencies — 96 of which were personal while 16 were business related.

Wanneroo residents were also under financial hardship last quarter with 74 personal insolvencies and 23 business insolvencies.

The statistics showed cases of bankruptcy were soaring in WA with more cases recorded in the Greater Perth, Wheatbelt, Pilbara and Bunbury regions.

Nationally, the number of bankruptcies increased seven per cent in the June 2016 quarter compared to the same time last year.

GlobalX Legal Solutions chief executive and AFSA provider Peter Maloney said regional areas were increasingly being affected.

“There is a common view that the rise in insolvencies is mainly in the mining and resources sector, but the recent receivership of Dick Smith in retail, and the Keystone Group, which is behind major names such as Jamie Oliver’s branded restaurants highlights the wider impact economic impact across all industries,” he said.

Read more on Perth Now.