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Real world pain hits business hard, as insolvencies and welfare numbers surge

The article from The Australian discusses the economic challenges facing Australia, highlighting a significant increase in business insolvencies and welfare dependency. It reports that insolvencies have surged by 61% in the first half of the financial year, driven by higher interest rates, increased costs, and reduced consumer spending. This economic strain is also reflected in the welfare sector, where there has been a notable rise in the number of people relying on JobSeeker payments, with an increase of 100,000 recipients in the last year. The article attributes these trends to the broader economic pressures including inflation, which has led to a cost-of-living crisis, and a slowdown in economic activity. It also mentions the government's response, which includes potential adjustments to welfare payments and business support measures to mitigate the impact of these economic conditions.

Read the Full The Australian Article at:
[ https://www.theaustralian.com.au/nation/politics/real-world-pain-hits-business-hard-as-insolvencies-and-welfare-numbers-surge/news-story/8ad65f308b2e1311377abf6aa65e3c10 ]