55 Gladstone locals go bankrupt in horror three months

NEW FIGURES reveal Gladstone residents are struggling to pay their debts as the number of locals falling into financial ruin climbs.

The number of individuals in Gladstone who fell victim to insolvency or bankruptcy between July and September rose to 48, up from 41 between March and June.

But Gladstone's businesses are riding the storm, with the number of insolvent or bankrupt businesses falling from 10 to seven.

The figures, released today by the Australian Financial Security Authority, reveal the total number of insolvencies in Gladstone last quarter was 55, up from 51.

It suggests that job cuts, including at QAL, Aurizon, and other companies operating in our city, are beginning to bite.

All up, 29 individuals stared down the barrel of bankruptcy, but 26 secured debt agreements.

It means one in every 957 Gladstone locals fell into insolvency, much worse than neighbouring Rockhampton where one in every 1251 locals fell into a financial crisis.

But based on the population gap, Mackay was much worse than Gladstone, with one in every 875 locals going insolvent. Mackay had a whopping 96 insolvencies, up from 91 in the June quarter.

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