Australian business are collapsing at a growing rate, as the realities of life without government pandemic support, coupled with extreme economic uncertainties, begin to hit.

According to ASIC, there were 828 insolvencies in March, up to 692 in February, and 359 in January.

Of those businesses that fell over in March, 243 construction businesses were put into insolvency, 140 accommodation and food businesses, 68 in retail, 41 in manufacturing, 30 in transport, and 62 is other areas.

Big name companies such as fast grocery delivery service Milkrun, meal-delivery service Providoor, and construction giants Porter Davis and Mahercorp were among those to be made insolvent in March.

According to insolvency and reconstruction law firm Taylor David Lawyer, over 5,000 companies have so-far avoided insolvencies due to government pandemic support programs such as JobKeeper.

“Now that these concessions and support mechanisms have ended, from October 2022 to March 2023, there was a 61 per cent rise in insolvency compared to the same period last year, with 3632 cases reported this year compared to 2257,” Scott Taylor, partner in the firm, told the Sydney Morning Herald.

Federal Treasurer Jim Chalmers said the government will attempt to stem some of these losses with a $314 million tax incentive to help small and medium businesses save on energy bills.

“Small businesses are the engine room of the economy and will be front and centre of the May budget,” Chalmers said.