Retail insolvencies rise as cost-of-living pressures slash consumer spending
In short: More retailers are going out of business as consumers shut their wallets in response to elevated interest rates and the higher cost of living.
Data from ASIC shows insolvencies in the retail sector have more than doubled in the past two years.
What's next? The National Retail Association is pushing for support for small and medium-sized businesses in next month's federal budget.
By business reporters Kate Ainsworth and Emilia Terzon on 4 April 2024
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