Original article by Kate Ainsworth, Emilia Terzon
abc.net.au – Page: Online : 10-Apr-24

Data from the Australian Securities & Investments Commission shows that 502 businesses in the retail sector have gone into administration so far in 2023-24, compared with just 193 during the same period in 2021-22. Factors such as the cost-of-living crisis and high mortgage interest rates are weighing on consumer spending, with smaller retailers in particular bearing the brunt. National Retail Association CEO Rob Godwin expects more businesses in the sector to collapse in the final months of the financial year. He says the federal government’s budget in May should provide financial assistance for retailers, particularly small and medium-sized businesses.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, NATIONAL RETAIL ASSOCIATION LIMITED