Tuesday, April 30, 2013

Cairns Post does it again!

The Cairns Post has a yarn from Damon Guppy on rising personal bankruptcy in Cairns: Hip pocket pain hits Cairns

"THE region's hangover from the tourism and construction slumps continues, with Cairns recording another annual rise in bankruptcy cases.
More than 315 Far Northerners filed for personal insolvency in 2011-12, according to the Federal Government's Insolvency and Trustee Service Australia.

The Cairns postcode of 4870 registered the 11th highest number of bankruptcy cases in Queensland with 96, an increase of almost 20 per cent compared with the previous financial year.

Business leaders say the high figure is not surprising, particularly given the region's industry woes and high unemployment over the past five years."

The Cairns Post has similarly previously reported that we were drowning in debt based on postcode, conveniently ignoring that 4870 is among the largest population postcodes in Queensland so misrepresenting the actual position. The primary data this time can be found at Insolvency & Trustee Service Australia which includes population data in excel format.

ITSA report that the "ratio of bankrupts to the general population in Queensland is 1 bankrupt to 660 people in 2011-12." The ratio for Cairns postcode 4870 is 1 bankrupt for every 691 people. This places Cairns 129th in Queensland rather than 11th. Well done Cairns Post!

Update: This was also subsequently noted in the Cairns Post report: "Cairns also recorded Queensland's fourth highest rate of debt agreements". No, Damon, that is the raw number and not a rate at all. The rate for Cairns 4870 would be 67th highest mate.

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