THE HON SUSSAN LEY MP
DEPUTY LEADER OF THE OPPOSITION
SHADOW MINISTER FOR INDUSTRY, SKILLS AND TRAINING
SHADOW MINISTER FOR SMALL AND FAMILY BUSINESS
SHADOW MINISTER FOR WOMEN
FEDERAL MEMBER FOR FARRER
The official ASIC insolvency data, updated Monday, shows there have been almost 26,000 business insolvencies since the Albanese Government was elected and confirmed November 2024 was the worst month for business insolvencies on record with 1,442 businesses going to the wall.
November’s numbers confirm Australia has had 12,405 insolvencies in 2024. This means with a month to go 2024 is already the worst calendar year for business failures on record.
For each of the 26,000 new permanent public servants the Albanese Government has added since it was elected, an Australian business has gone to the wall.
The numbers underscore Prime Minister Anthony Albanese's complete failure to deliver an economic plan and reflects the fact that, since Labor took office, electricity prices for small businesses have risen by up to 52 per cent and gas is up 32 per cent.
The Deputy Leader of the Opposition, Sussan Ley, called on Anthony Albanese to accept responsibility for the economic train-wreck occurring on his watch.
“The official data now confirms November 2024 was the worst month for business failures on record, up 62 per cent on last year and up 158 per cent on May 2022.
“This is Albonomics, sky-rocketing public spending and collapsing business conditions – Labor tried to take credit for the surplus, well now they must take responsibility for the economy,” the Deputy Leader said.
“Australians need to understand the ‘Albonomics Ratio’ – one public servant in, one business out. For every new permanent public servant Anthony Albanese has added we have lost an Australian business – you are paying more because Labor cannot manage the economy.
“Australians cannot afford another three years of this economic incompetence – bring on an early election, we need to kick Labor out and get Australia back on track.”
The 25,975 businesses that have gone insolvent since Labor took office include:
- 6,925 construction businesses;
- 4,012 hospitality businesses;
- 1,706 retailers; and
- 1,329 manufacturers.
This national insolvency figures, for November, includes:
- 320 construction businesses;
- 199 hospitality businesses;
- 66 retailers; and
- 39 manufacturers.
The latest update confirms insolvencies are accelerating.
It follows 1,364 Aussie business insolvencies in October 2024 which was previously the worst month on record and followed the worst quarter on record – 3,633 in the September Quarter 2024.