Petrol hikes fuelling bankruptcy (Australia)

More Australians are stumbling into bankruptcy as escalating petrol prices and greater debt dependency weigh on household finances.

Paul Leroy, a partner with chartered accountants Hall Chadwick, says the effects of the escalation in petrol prices were now starting to be felt by consumers, especially those in lower income brackets.

“There is a high incidence of default on property mortgages or a failure to actually settle on a property that was bought off the plan,” Mr Leroy said.

SMH