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Bankruptcies skyrocket across Fraser Coast

Australian Financial Security Authority statistics show 24 people declared bankruptcy in Maryborough between July and September this year, four of which were business-related.
Australian Financial Security Authority statistics show 24 people declared bankruptcy in Maryborough between July and September this year, four of which were business-related. THINKSTOCK

THE number of bankruptcies in Maryborough has tripled within six months.

Australian Financial Security Authority statistics showed 24 people declared bankruptcy between July and September this year, four of which were business-related.

In the previous quarter eight were recorded, two of them business-related.

While the causes can vary, one financial advisor believed the sacking of workers at Maryborough's Downer EDI may have played a role in the rise.

Accounting firm Ulton partner Janelle Shaw said the loss of jobs affected the whole town.

"There are a lot of people hurting and the economy is down," she said.

Business had remained tricky since the 2011 floods, she said, which could also explain the increase.

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In Hervey Bay, the number of declared bankruptcies also increased during the previous two quarters.

There were 16 bankruptcies recorded in the June quarter, including three businesses. Between July and September there were 23 bankruptcies, including six businesses.

Financial Counselling Australia's Fiona Guthrie said Queensland had the highest number of bankruptcies in Australia.

"There is something really strange happening in Queensland and I think one of the reasons is that Queensland is the only government that does not fund financial counselling.

"When people get into strife, there is no one there to assist them," she said.

Hervey Bay

  • 54 declared bankruptcies between January and September
  • 12 of these businesses related
  • In September quarter 23 people bankrupt
  • In June quarter 16 people bankrupt
  • In March quarter 15 people bankrupt

Maryborough

  • 59 declared bankruptcies between January and September
  • 6 of these business related
  • In September quarter 24 people bankrupt
  • In June quarter 8 people bankrupt
  • In March quarter 27 people bankrupt

Topics:  bankruptcies hervey bay maryborough rising



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