The Perils Facing Australian Hospitality Businesses: A Grim Forecast by CreditorWatch

The hospitality industry in Australia is facing a dire situation, with a recent report from CreditorWatch painting a bleak picture for the coming year. According to the report, one in eleven hospitality businesses is expected to fail within the next twelve months, with the failure rate forecast to rise from 7.5% to 9.1%. This is a stark contrast to other sectors, such as Arts and Recreation Services and Transport, Postal and Warehousing, which have forecast failure rates of 5.7% and 5.5% respectively. The average forecast across all industries stands at 5.1%.