Australian billionaire Richard White has reached an out of court legal settlement with an alleged former lover who he was pursuing for bankruptcy, Bloomberg News reported. A notice of discontinuance was filed with the Federal Court of Australia late Monday, the court’s website shows. The case was settled out of court on Friday, according to a representative in barrister Bridie Nolan’s office, who asked not to be named because they aren’t authorized to speak publicly. Nolan was representing wellness entrepreneur Linda Rogan, who White had filed bankruptcy proceedings against.
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The corporate regulator has released the Australian insolvency statistics for the period up to 29 September 2024, with the latest statistics indicating there was a 43 per cent increase in total insolvencies in the first three months of the 2024–25 financial year from the same period in the previous financial year, the Accounting Times reported. The statistics showed that for the period from 1 July to 29 September, 3,568 companies had entered external administration or had a controller appointed.
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Australia's central bank on Thursday cautioned borrowers against taking on excessive debt when interest rates start to fall and risking a boom/bust cycle, though it judged the financial system remained resilient overall, Reuters reported. In its semi-annual Financial Stability Review, the Reserve Bank of Australia (RBA) again highlighted the resilience of households, businesses and banks in the face of decade-high interest rates and painful inflation.
While the ATO and major banks are still major drivers of insolvencies, insolvency firms are beginning to see more closures triggered by cash flow issues, the Accounting Times (Australia) reported. The latest credit risk data from Alares suggests that the rate of insolvencies had eased slightly in August despite insolvency numbers remaining 33 per cent above average. In its insights report, Alares said that this could suggest that the “insolvency catch-up” could finally begin to slow down. Alares said the ATO remains the dominant driver of the insolvency catch-up.
Australia’s headline inflation rate fell to within the Reserve Bank of Australia’s target band for the first time since 2021 in August, but economists warn that this won’t trigger an immediate interest-rate cut, the Wall Street Journal reported. Consumer prices rose 2.7% in the year to August, down from 3.5% on year in July, the Australian Bureau of Statistics said Wednesday. The result was in line with market expectations.
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