Original article by Patrick Commins
The Australian – Page: 17 : 15-Jan-21
Michael Fung of PwC and Sal Algeri from Deloitte expect the rate of business failures in Australia to be higher than usual in 2021. The federal government has wound back some of the COVID-19 support measures that helped businesses to stay afloat during the virus-induced economic downturn, while the JobKeeper scheme is slated to be phased out in March. Data from the Australian Securities & Investments Commission supports the view that a rise in insolvencies is likely; an average of 60 companies were placed in external administration in the final two weeks of 2020, compared with 13 during the same period in 2019.
PRICEWATERHOUSECOOPERS AUSTRALIA (INTERNATIONAL) PTY LTD, DELOITTE TOUCHE TOHMATSU LIMITED, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION