Labor Government Oversight Leads to Worst Year for NSW Businesses Since the 2008 Global Financial Crisis
Recent data from the Australian Securities and Investments Commission (ASIC) reveals that the number of New South Wales businesses entering serious financial trouble has surged under the Albanese Labor Government. Business insolvencies nearly doubled from December 2022 to December 2024, with 2,534 businesses entering external administration or having a controller appointed during this period, compared to just 1,374 in 2022. A staggering 565 businesses in the state were reported to have gone under in November 2024 alone.
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