Gold Coasters suffer after worst ever year for business failures under Albo

The Hon Sussan Ley MP
Deputy Leader of the Opposition
Shadow Minister for Industry, Skills and Training
Shadow Minister for Small and Family Business
Shadow Minister for Women
Federal Member for Farrer

Angie Bell MP
Shadow Minister for Early Childhood Education
Shadow Minister for Youth
Federal Member for Moncrieff

JOINT MEDIA RELEASE

Gold Coasters suffer after worst ever year for business failures under Albo

18 December 2024

The official ASIC insolvency data shows there have been almost 26,000 business insolvencies across Australia since the Albanese Government was elected and confirms November 2024 was the worst month for business insolvencies on record with 1,442 businesses going to the wall.

November’s numbers confirm Australia has had 12,405 insolvencies in 2024. This means with a month to go 2024 is already the worst calendar year for business failures on record.

In Queensland, that’s a whopping 4,801 insolvencies to date with 244 of those businesses folding just last month.

It also means for each of the 26,000 new permanent public ­servants the Albanese Government has added since it was elected, an Australian business has gone to the wall.

The insolvency numbers underscore Prime Minister Anthony Albanese’s complete failure to deliver an economic plan and reflects the fact that, since Labor took office, electricity prices for small businesses have risen by up to 52 per cent and gas is up 32 per cent.

The Deputy Leader of the Opposition, Sussan Ley, called on Anthony Albanese to accept responsibility for the economic train-wreck occurring on his watch.

“The official data now confirms November 2024 was the worst month for business failures on record, up 62 per cent on last year and up 158 per cent on May 2022.

“This is Albonomics, sky-rocketing public spending and collapsing business conditions – Labor tried to take credit for the surplus, well now they must take responsibility for the economy,” the Deputy Leader said.

Federal Member for Moncrieff, Angie Bell urges Gold Coasters to understand Labor’s ‘Albonomics Ratio’ – one public servant in, one business out.

“For every new permanent public servant Anthony Albanese has added we have lost an Aussie business – that means families in Moncrieff are paying more because Labor cannot manage the economy,” Ms Bell said.

“We’re not only suffering from a cost-of-living crisis, but Southeast Queensland is deeply entrenched in a housing crisis.

“With skyrocketing costs and red tape, it’s a grim reality for construction businesses when the latest stats show 1,126 insolvencies for that industry alone in Queensland.

“The Gold Coast’s population will continue to grow and if these accelerated insolvency figures are any indication, there will be no reprieve on the housing front as a result.”

This follows 1,364 Aussie business insolvencies in October 2024 which was previously the worst month on record and followed the worst quarter on record – 3,633 in the September Quarter 2024.

Families on the Gold Coast cannot afford another three years of this economic incompetence – bring on an early election, it’s time to get Australia back on track.

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Media contact:

Madi Spedding | 0431 689 103

BACKGROUND

The 25,975 businesses that have gone insolvent since Labor took office include:

• 6,925 construction businesses
• 4,012 hospitality businesses
• 1,706 retailers
• 1,329 manufacturers.

The ASIC data shows the Albanese Government has delivered:

• The highest number of business insolvencies in a financial year – 11,053 in FY23/24
• The worst quarter of business insolvencies on record – 3,633 in the September Quarter 2024
• The worst two consecutive quarters of business insolvencies on record – 3,305 in the June Quarter 2024 and 3,633 in September 2024
• The highest number of business insolvencies in a month on record – 1,442 in November 2024.

Total Queensland business insolvencies under the Albanese Government

Queensland business insolvencies under the Albanese Government, by month

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