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.

Address debt, says financial counsellor

ACT NOW: Don't let debt accumulate, a financial counsellor advises.

Don't let the financial stress mount, says financial counsellor.

Colourful array of stunning art

BLOOMING BEAUTIFUL: A winning entry from last year's Blackwater art exhibition.

If you love art then the 41st Annual Art Competition is for you.

Growing up with a love for local show

BIG OPPORTUNITY: Cheneya Freese is the 2017 Miss Alpha Showgirl.

Cheneya Freese has been named Miss Alpha Showgirl for 2017

Local Partners

Young man's body found in burnt CQ home

MYSTERY surrounds death of a young man found near melted appliances in a burnt-out Emerald unit this morning.

What to expect at Birds of Tokyo's Ipswich gig

The band will perform at the Racehorse Hotel on Friday.

BAND member Glen Sarangapany talks music, pub grub and doing shoeys

What public holidays are left in 2017

Ipswich residents will get the day off tomorrow for the show.

IPSWICH residents will get tomorrow off for the show

Caitlyn comes home to launch debut album

Gympie's Caitlyn Shadbolt will launch here debut album Songs On My Sleeve at an exclusive all-ages concert in Gympie on Friday, May 26.

Win tickets to Caitlyn's album launch

MOVIE REVIEW: King Arthur - Legend of the Sword

Why the critics have got Guy Ritchie’s King Arthur all wrong.

Concert death toll revised up to 22, tour suspended

There have been multiple confirmed deaths after 'explosions' heard at Ariana Grande concert in Manchester

"We saw blood on people when we got outside."

Casual Keanu says fame is ‘cool’

Keanu Reeves in a scene from the movie John Wick: Chapter 2.

NOBODY expected much of John Wick when it was released in 2014.

Ariana Grande breaks her silence after fatal blast

According to reports quoting witnesses, a mass emergency evacuation was prompted after explosions were heard at the end of US singer Ariana Grande's concert in the arena.

The entertainment industry is in shock after attack on concert

Pitch Perfect star suing Woman’s Day over ‘liar’ articles

Actor Rebel Wilson outside court on Friday.

REBEL Wilson's career destroyed by grubby campaign, court hears.

Seven Year Switch: The boner to end all boners

Johnny’s outraged over claims he has a cracked boner.

She gulps. Her face says it all.

Bay to star in Hollywood shark thriller ‘Cage Dive’

Cage Dive, written and directed by Gerald Rascionato, is now screening in the United States of America. It had scenes filmed in Hervey Bay.

And our visiting humpback whales also make appearance.

One of Maryborough's most historic homes is still for sale

FULL OF HISTORY: Trisha Moulds is owner of the historic Tinana state known as Rosehill. The beautiful home is currently for sale.

It has been the scene of both joy and tragedies over the years.

The face of the Sunshine Coast's overpriced rental crisis

Alyx Wilson had to rent a $385 unit in Currimundi because the market was too competitive for cheaper rental housing. She is now renting a room from friends who own a house in Currimundi, and says its much more affordable.

Young people feel the strain in competitive, expensive rental market

WATCH: Take a tour of a tradie's dream home

5a Bruce Hiskens Court, Norman Gardens, going for $720,000. INSET: Lea Taylor.

Huge block with potential for anything

Deputy Premier makes massive call on controversial sand mine

Aerial view of the proposed Forest Glen sand mine.

BREAKING: State Government makes huge call on Coast sand mine plans

Ready to SELL your property?

Post Your Ad Here!