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The New Daily
The New Daily
Business
Matthew Elmas

‘Turning point’: Business collapses spike but local recession still unlikely, say economists

Recession Anneke Thompson Australia Saul Eslake Sean Langcake Economy CreditorWatch Inflation Interest Rates
Business collapses are on the rise as Australia’s economic outlook sours, new data reveals. Photo: Getty

The number of businesses falling into administration spiked in July as economists warn inflation and rising interest rates are pushing the local economy towards an ominous “turning point”.

CreditorWatch figures published on Wednesday revealed external administrations soared 46 per cent year on year last month, with food, recreation and telecommunications firms hardest hit.

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