Maria Kovacic (NSW, Liberal Party) Share this | Hansard source

On 19 November, ASIC released data on insolvencies. Labor set a new high, revealing that 1,364 Australian businesses went under in October 2024. This is the highest number of business insolvencies ever recorded in a single month, surpassing all previous records and making yet another alarming milestone under this government. This is on the back of the previous record set by this government in May this year.

Over 40 businesses a day are closing their doors, unable to weather the cost-of-doing-business crisis that this government has allowed to fester in our country. Unfortunately, my home state of New South Wales is impacted the most. Labor has ensured New South Wales remains at the top of the leaderboard—an unenviable first place—among all states for business insolvencies. In fact, over this term of parliament New South Wales has contributed over 40 per cent on the national insolvency figures. They aren't just statistics; each number represents livelihoods lost, families struggling and communities weakened.

Small businesses are being crushed under rising interest rates, soaring energy costs and burdensome red tape. Despite the devastation to small businesses and the people who worked hard to build them, this government refuses to act in any meaningful way. Only last month Senator Gallagher downplayed this alarming trend at Senate estimates, suggesting insolvencies had not really reached historical highs. We need meaningful action to address business closures, especially in the hardest-hit construction, retail and hospitality industries. It is time to stop ignoring this problem. It's time to stop pretending this problem doesn't exist. Small businesses are being crushed under this government, and we need to meaningfully act now to help them survive.