Tuesday, Jun 19, 2007
ITS LIKE A DISEASE SPREADING EVERYWHERE
SMH: More bankrupt despite top job market
There were 6940 bankruptcies, debt agreements and personal insolvency agreements in Sydney last financial year, an increase of 16.4 per cent on the previous year. Another 5250 were registered between last June and February, suggesting the total this financial year could push towards 8000. That compares with just 4544 in 1999-2000.Labor has used the figures from the Insolvency and Trustee Service Australia to highlight a rising trend in personal insolvency over the past six years.The total debt burden on Australian households has reached almost $1 trillion and the ratio of household debt to income has reached 160 per cent, one of the highest in the world.
Posted by out of control speculators @ 01:20 AM (150 views) Add Comment
4 Comments
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1. sovietuk said...
It seems that the debt problem is linked to certain types of societies or cultures (or lack of in some cases). More worrying is the number of people close to the edge and not just the number who have already gone off the cliff.
2. Retiredbanker` said...
You cannot prevent the financially illiterate from borrowing too much, and in fact the system is now geared to encourage this.
"Boom and bust" is a classic ploy to facilitate the transfer of wealth away from the plebs.
3. maddison said...
Australia is an interesting country to watch as it has a similar market to ours with similar high levels of debt and home owning aspirations. There is a shortage of quality houses in nice places. Sydney has seen a fall of about 10% followed by overall stagnation punctuated with some sharp rises in desirable areas. I think London will follow the same pattern
4. Orwell said...
I thought we had the dubious accolade of top debt ridden country in the world with 167% of GDP?
Surely we haven't been pipped to the finishing line? I thought it was somthing we really excelled at, unlike making things.
Anyone?