Simon Birmingham (SA, Liberal Party, Shadow Minister for Foreign Affairs) Share this | Hansard source

My question is to the Minister representing the Treasurer, Senator Gallagher. Minister, last week, in response to a question from Senator Canavan, you disputed recent ASIC figures which indicate insolvency rates in Australia are at a record high. You stated:

… what we're seeing at the moment is not at a historical high.

…   …   …

I'm just putting some facts on the table.

Minister, unfortunately the facts show that the average number of business insolvencies per quarter is the highest of any government since records began in 1999. The Albanese government has managed to drive more businesses into the ground per quarter than even Julia Gillard or Kevin Rudd did in the GFC. This comes on top of the latest monthly data, which shows Labor has now broken its previous September record for the highest number of business insolvencies in a single month, rising to more than 1,300 in October. Minister, will you apologise for misleading the Senate and, more importantly, to those Australian businesses hitting the wall, for whom you've said, apparently, 'It could be worse', even though that's not true?