Manufacturer insolvencies rose in second half of 2023

New statistics from the Australian Securities & Investment Commission released halfway into the financial year show 243 manufacturing companies became insolvent during July – December 2023, compared to 235 and 84 for the same period in 2022 and 2021.

In a statement from federal opposition industry spokeswoman Sussan Ley recapping recent collapses, the government’s “failed industrial policies and distracted priorities” were blamed for the results.

“Labor promised they would ‘rebuild Australian manufacturing’ but all they’ve managed to assemble is an industrial graveyard, a graveyard which is now littered with once great Australian businesses,” said Ley.

“Labor bet the house on the National Reconstruction Fund and contrary to the Prime Minister’s misleading statements this week, it is not “open for business” and is not delivering any support.”

The statement cites recent collapses including Sara Lee, Hiro Brand and Trident Plastics, and Tritium’s decision to carry out all production in the United states

The ASIC figures were published last Wednesday, during a week when Alcoa announced that it will close its six-decade-old Kwinana alumina refinery in Western Australia.

Picture: Kwinana Alumina Refinery (credit Alcoa Corporation)

Further reading

Alcoa to cease operations at Kwinana Alumina Refinery

PM insists NRF money available now, though application process unclear

Can Canberra arrest the flow of manufacturers leaving for the US?

Aussie food makers enter administration