Insolvency Insights - Analysis of ASIC's June 2013 External Administration Appointment Statistics
The latest ASIC figures revealed 900 companies entered external administration in Australia during June, making it the first time 900 or more companies entered external administration over five consecutive months.
So far in 2013, 5,321 companies have entered external administration, a record for the first six months of a year from when statistics commenced in 1999.
We continue to witness a lack of confidence, low finance availability, and a general risk adverse attitude across the economy.
Construction of private homes is ramping up, but it is yet to be seen whether building construction can fill the drop off in record mining investment.
With the federal election to be held on 7 September, we expect businesses to remain in a holding pattern while awaiting the certainty of an outcome.