Big Increase in Small Business Debt Helpline 2024 case numbers
There has been a 66% increase in the number of cases the Small Business Debt Helpline (SBDH) has dealt with over the past 12 months.
In 2024 SBDH financial counsellors had 5,135 cases compared with 3,091 in 2023.
Case numbers continue to grow with more than 400 cases in January 2025, that’s 30% more than January 2024.
The SBDH is a not-for-profit service that helps small business owners and sole traders in financial difficulty. It’s free, independent and confidential.
“So many Australian small businesses are doing it tough and under pressure from many directions,” said Dr Domenique Meyrick, the CEO of Financial Counselling Australia, which runs the SBDH.
“The good news is there is help available and it’s free – no strings attached,” Dr Meyrick said.
“The SBDH is staffed by a team of specialist financial counsellors who are great listeners. They can answer your questions and give you advice to help get you back on track.”
The top debt types were:
- Australian Taxation Office debt – 61%
- Business loans (including bank and non-bank) – 31%
- Supplier debt – 16%
- Leases for premises – 12%
Numerous small businesses calling us are reporting a drop in revenue and they are struggling to service multiple debts.
“So many of our clients are in financial stress with crippling debt affecting not only their businesses but also their families and mental health.
“What our numbers show is that big creditors like the ATO and lenders need to ensure they are proactively offering flexible and compassionate hardship arrangements.”
Financial counsellors are professionally trained and able to guide those who are struggling with debt and bills.
If you are a small business owner or sole trader and are struggling financially contact the Small Business Debt Helpline on 1800 413 828 or visit sbdh.org.au for chat.
For further information or to arrange an interview with Dr Meyrick or a financial counsellor contact Maura Angle on 0418 334 121 or email [email protected].