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 shows there have been more than 27,000 business insolvencies since the Albanese Government was elected and confirmed the December 2024 quarter was the worst quarter for business insolvencies on record with 3,852 businesses going to the wall.
The December 2024 quarter is the third consecutive quarter of record business insolvencies. This confirms business failures are accelerating under the Albanese Government despite Labor’s spin.
The latest data also shows Prime Minister Anthony Albanese has overtaken his former boss, Julia Gillard, to claim the title of the worst prime minister for business insolvencies on record – overseeing an average of 2,648 business collapses per quarter.
Having overseen the worst calendar year for business collapses by November, the data shows another 1,049 Aussies businesses went bust in December – taking the 2024 total to 13,450.
The Deputy Leader of the Opposition, Sussan Ley, called on Anthony Albanese to take responsibility for failing to deliver a proper economic plan.
“Anthony Albanese likes to claim credit for jobs created in the economy so why does he refuse to accept responsibility for businesses going to the wall on his watch?”
“Labor’s cost of living crisis and reckless spending have smashed Australian businesses. Power prices have skyrocketed, Australia’s iconic cafes and restaurants are closing and builders are going bust.
“The official data now confirms the December 2024 quarter was the worst quarter for business failures on record, up 49 per cent on the same quarter last year and up 146 per cent on the June 2022 quarter.
“Australians just cannot afford another three years of Labor’s economic incompetence – interest rates and bills are always higher under Labor, we need to kick Anthony Albanese out and get Australia back on track.”
The 27,036 businesses that have gone insolvent since Labor took office include:
- 7,183 construction businesses;
- 4,191 hospitality businesses;
- 1,765 retailers; and
- 1,383 manufacturers.
This national insolvency figures, for the December quarter, include:
- 929 construction businesses;
- 603 hospitality businesses;
- 205 retailers; and
- 154 manufacturers.
The December 2024 data follows two consecutive record months with 1,362 and 1,411 business insolvencies in October and November 2024, as well as two consecutive record quarters with 3,305 and 3,633 in the June and September quarters last year.