News

City hurt by bankruptcy

Curtis Coast Marine part-owner Darren Browne says he is having to work harder than ever in his business and has thought about selling up.
Curtis Coast Marine part-owner Darren Browne says he is having to work harder than ever in his business and has thought about selling up. Kara Irving GLABOAT

GLADSTONE has leap-frogged Rockhampton as one of Central Queensland's bankruptcy hotspots.

At least 50 bankruptcy declarations were made in Gladstone last financial year, with 145 cases in Rockhampton.

On Wednesday, federal agency Insolvency and Trustee Service Australia released a list of postcodes most vulnerable to bankruptcy.

Bundaberg topped Central Queensland's list for the highest number of cases, with 184 lodged last financial year.

GTC Financial managing director Neville Hughes said the figure indicated the existence of a two-speed economy in Gladstone.

"Those who aren't directly involved with the LNG project are the ones who are suffering," Mr Hughes said.

"Gladstone is a unique place because not everyone who lives in the area buys in the area."

Toowoomba recorded the highest number of bankruptcy cases in Queensland, with 195 bankruptcy declarations made in the region.

This comes as Australia's unemployment rate dropped to 5.2% in March, with more than 44,000 new jobs created.

"Unemployment leaves people with less to spend. It's a vicious cycle," Mr Hughes said.

Mr Hughes said Gladstone residents could reverse the effects of a two-speed economy in the city if they spent more locally.

"Unless we spend that money, small businesses will not survive," he said.

QUEENSLANDERS IN DEBT

Gladstone

Bankruptcies: 50

Debt Agreements: 24

Personal Insolvency Agreements: Not provided.

Rockhampton

Bankruptcies: 145

Debt Agreements: 14

Personal Insolvency Agreements: Not provided.

Bundaberg

Bankruptcies: 184

Debt Agreements: 39

Personal Insolvency Agreements: 0

Topics:  bankruptcy businesses finances gladstone


Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Hottest day in February

A tree fell on Borilla St on Sunday night following a storm in Emerald.

CQ sweltered through its hottest Feb day this week.

A huge treasure trove of prizes to be won

CQ News general manager Karin-ane King is encouraging readers to enter the Treasure Hunt competition.

We are rewarding our readers with our Treasure Hunt competition

Members needed for club to survive

Auctioneer Len "Fonz” Bargenquest and Rotary member Errol Rix at the Blackwater Rotary Auction.

Blackwater Rotary Club is looking for more members

Local Partners

STAY INSIDE: 32 snake bites in 52 days

Doctors tell you what you need to do if you're bitten.

Sir Elton John coming to Mackay: What you need to know

Sir Elton will come to Mackay and Cairns in September.

Tickets to the concert go on sale on March 14

MAJOR ANNOUNCEMENT: Global superstar to rock Mackay in 2017

A major concert is set to rock Mackay this year.

Mackay, Cairns to host world's biggest superstars Sir Elton John

How Stay at Home Mum blogger Jody Allen struck it big

Jody Allen and Walt Collins will co-host the Seven Network's Stay at Home Mum television series from April.

Jody Allen's star continues to rise at incredible speed

Furious Price wants to quit I'm a Celeb after clash with Keira

AN IRATE Steve Price has threatened to quit I'm A Celebrity after a series of drama-filled clashes with Keira Maguire.

Novel with lots of heart

The romance in A Quiet Kind of Thunder was only one of the joys of the book.

Book proves to be a gem with layers

Bliss N Eso announce tribute show for stuntman

Bliss N Eso will play a tribute show at Coolangatta in honour of Johann Ofner. The stuntman died during the filming of the group's Friend Like You film clip earlier this year.

BLISS N Eso to play tribute show to raise funds for killed stuntman

MOVIE REVIEW: Trainspotting sequel as good as original

Ewen Bremner in a scene from the movie T2: Trainspotting.

Director Danny Boyle proves sequels can be done well.

How Karl Stefanovic's wife, kids found out about girlfriend

Karl Stefanovic and Jasmine Yarbrough after their day on Sydney Harbour. Picture: Jonathan Ng

Pictures splashed across tabloid were shock to family

WATCH: Toowoomba opera hopeful's incredible voice

Kaitlyn Orange attends Opera Queensland auditions at Empire Theatres for Opera at Jimbour, Saturday, February 18, 2017.

Opera hopefuls vie for parts in performance at Jimbour House

MKR turns spiteful in suddendeath elimination

Alyse and Matt battled Josh and Amy in a spiteful elimination cook-off.

Bottom of the ladder faces off in spiteful sudden-death cook-off.

Submarine, buses and 3000 tyres removed in $100K clean up

The list of things removed from this property is beyond astonishing

Popular island resort sells to loaded international investor

OUR PICK: Chris Foey's colourful shot of one of Gladstone's great tourism hot spots, Heron Island.

International investor snaps up piece of Gladstone paradise.

Expert: Why renters, home buyers may struggle

Matusik Property Insights director Michael Matusik.

What's next for the city's housing market

Massive seaside development of 3200 lots

DESIRABLE LIFESTYLE: The masterplan for the proposed Elliott Heads Estate.

"There's nothing else left along the coastline of Queensland now"

Ready to SELL your property?

Post Your Ad Here!