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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


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