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Hard bump ahead? Drop in insolvencies and bankruptcies is a ticking time bomb

By Kevin Davis, Emeritus Professor of Finance, The University of Melbourne
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The vast arsenal of fiscal, monetary and legal measures used by Australian governments to offset the COVID-induced economic crisis have worked well. They did not prevent a recession (popularly defined as two quarters of negative GDP growth) but things could have been much worse.

What is particularly interesting is that the expected consequences have not shown up in the official statistics for financial distress – insolvent companies entering administration and individuals declaring bankruptcy.

Indeed, a misleading impression of 2020 being one of “economic good times” could…

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