CreditorWatch has suggested that Australia’s economic recovery has lost some momentum, as it has tracked a 9 per cent increase in credit defaults across businesses.
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How has the end of JobKeeper hit recovering Australian businesses?
How has the end of JobKeeper hit recovering Australian businesses?
More Australian businesses are struggling to pay their bills since JobKeeper ended, CreditorWatch’s latest Business Risk Review has found.
Brooke is a Junior Financial Journalist at the Motley Fool Australia. Brooke s interests in finance and the share market evolved during her time at Charles Sturt University. There, she studied a Bachelor of Communication, majoring in journalism and sub-majoring in international relations. In her spare time, you ll find Brooke gallivanting around South East Queensland, no doubt with her dog in tow.
Hundreds of food, hospitality and retail businesses in central Melbourne will bear the brunt of a wave of business failures and insolvencies in the next six weeks.
(Mark Syke, View Pictures, Universal Images Group via Getty Images)
The Australian economy appears to have undergone an “impressive recovery” after hundreds of thousands of loan deferrals were finalised.
New figures released by the Australian Banking Association (ABA) shows less than 5,000 loan deferrals remain outstanding across Australian businesses and households.
With the figures timestamped to before the end of JobKeeper and other support measures, thousands of Australians may not be out of the woods just yet.
The banks are confident Australian borrowers have come through the pandemic relatively unscathed, as the risk of a wave of loans defaults peters out.