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COVID-19 Economic response—temporary relief for financially distressed businesses

On 18 December 2019 the Australian Securities and Investments Commission (ASIC) published its annual overview of corporate insolvencies for the 2018–2019 financial year and made the following observations: small to medium size corporate insolvencies continue to dominate external administrators’ reports. 85 per cent had assets of $100,000 or less, 76 per cent had fewer than 20 employees and 38 per cent had liabilities of $250,000 or less and 96 per cent of creditors in this group received between 0–11 cents in the dollar, reflecting the asset/liability profile of small to medium size corporate insolvencies. On 23 March 2020 the Parliament enacted the Coronavirus Ec... Read more...

COVID-19 Economic response—temporary relief for financially distressed individuals

The Australian Financial Security Authority statistics show that bankruptcies fell by 10.6% in the period from October to December 2019; and that there were 3,385 new bankruptcies in Australia in that time. However, the emergence of the COVID-19 pandemic can be expected to create significant financial pressure on many companies. As Dr Scott Kiel-Chisholm of the Queensland University of Technology writes: … the impact of bankruptcy on the debtor can be personally devastating on the bankrupt’s self-esteem, ability to obtain bank loans and secure specific employment and business positions. Indeed, impact of the bankruptcy may extend to the debtor’s family members and friends ... Read more...

Release of the 2018-19 Mid-Year Economic and Fiscal Outlook

The Government released the 2018–19 Mid-Year Economic and Fiscal Outlook (MYEFO) on 17 December 2018. This brief provides an overview of the key fiscal and economic numbers from the 2018–19 MYEFO with a summary of key data in the tables below. Read more...

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