Insolvency Insights - Analysis of ASIC's Latest External Administration Appointment Statistics for November 2014
The latest figures released from ASIC indicate that 8,146 companies entered external administration from January to November 2014, compared to 10,046 external administration appointments in the corresponding period in 2013.
External administration appointments in November 2014 fell in Victoria, Queensland, South Australia, Western Australia and the Northern Territory over the month. The sharpest month-on-month falls were seen in Western Australia (47 vs. 70) and South Australia (22 vs. 48). This is the lowest level seen in South Australia since April 2012.
Australia’s seasonally adjusted unemployment rate edged up to 6.3% in November, despite an increase of 42,700 in the number of people employed. Meanwhile, ANZ’s job advertisement index recorded a 0.7% rise in November (seasonally adjusted). This was the sixth consecutive monthly increase.
In this issue, we focus on the volatile Mining sector, which after a prolonged period of declining commodity prices, is now showing some signs of positive change.
Meanwhile, business conditions also remained patchy according to the Monthly NAB Business Survey which found business confidence was slightly up (from +1 in November to +2 in December), although confidence remains well below the long-term average.