Statement from the Shadow Treasurer - Allan Government crushing Victorian businesses

Statement from the Shadow Treasurer – Allan Government crushing Victorian businesses

James Newbury, Shadow Treasurer

The latest insolvency figures released by the Australian Securities and Investment Commission (ASIC) confirms the ongoing trend in Victoria’s troubled economy, with an increasing number of business insolvencies.

During the March quarter alone, Victorian insolvencies reached 843 cases – a damning increase of 135 insolvencies when compared to the same quarter last year, where 708 insolvencies were reported, last year.

This represents an alarming 19 per cent increase in the number of businesses entering external administration when comparing the two quarters, year on year, underscoring the severe financial strain Victorian businesses face under the Allan Labor Government.

What is also concerning is the number of Victorian insolvencies across the first three quarters of the 2024-2025 year is already higher, at 3027, than the full 2023-2024 year, at 2863.

Shadow Treasurer, James Newbury, has raised alarm over these new figures.

“Businesses across Victoria are being crushed by the Allan Labor Government that has introduced 60 new or increased taxes – making it harder for families to start a business and have a fair go,” Mr Newbury said.

“We know that the significant increase in insolvencies is a direct bi-product of the Allan Labor Government’s economic policies which harm business. Labor’s policy failures are not only damaging our economy but also crushing businesses and costing Victorian livelihoods.”

“It’s clear that Victoria needs a government committed to supporting businesses, fostering economic growth, and creating jobs. The Allan Labor Government has catastrophically failed Victorians, and urgent action is required to reverse these devastating trends.”