Some of the damage to businesses in the industrial estate of South Murwillumbah. (April 1, 2017)
Some of the damage to businesses in the industrial estate of South Murwillumbah. (April 1, 2017) Tweed Shire Council

Businesses going bust blamed on flood impact

WITHIN a three-month period, nine Tweed Valley businesses declared they were unable to pay their debts, according to new Australian Financial Security Authority data.

It was the third highest number of businesses going bust in any Australian Statistical Geography Standard (ASGS) area in NSW, for the September quarter, excluding Sydney.

Gosford had 14 debtors, Port Macquarie had 10, and Coffs Harbour had eight businesses, which were declared insolvent and unable to repay their debts.

Richmond Valley Coastal and Hinterland areas were treated as two separate ASGS areas, and in total had nine business-related debtors declared.

Murwillumbah Business Chamber president Ilze Gaunberzins said the results were "tragic and concerning", and could be related to the impact of the March floods.

"Bankruptcy has a profound impact on business owners and their family, dreams are dashed and that is really distressing," she said.

"I think we're still raw and tender from the flood.

"It does have an effect, and we've got to not only look at the shops but also the industrial areas, because they're the hubs.

"We put on a brave face but in terms of financially supporting each other that hasn't been possible.

"People have had to dip into their family savings and mortgages, and we still remain in the position where national and state government have given a very, very superficial response."



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