Originally posted by Gazelle:
[b]More bankrupt despite top job market
June 19, 2007
MORE Sydney families are being pushed to the wall by financial
pressures despite a three-decade low in unemployment.
There were 6940 bankruptcies, debt agreements and personal
insolvency agreements in Sydney last financial year, an increase of
16.4 per cent on the previous year. Another 5250 were registered
between last June and February, suggesting the total this financial
year could push towards 8000. That compares with just 4544 in
1999-2000.
Labor has used the figures from the Insolvency and Trustee Service
Australia to highlight a rising trend in personal insolvency over
the past six years.
The number of personal bankruptcies and debt agreements across
Sydney rose by more than half between 1999-2000 and 2005-06. Parts
of western Sydney have been hardest hit with a rise of 99 per cent
in Blacktown and 70 per cent in the outer west. A slump in property
prices since 2004 and relatively high rates of unemployment in some
parts of west and south-west Sydney may have contributed to the
surge in bankruptcies and debt agreements.
The jobless rate in both Fairfield and south-west Blacktown was
above 10 per cent - more than double the national rate - in the
December quarter, figures published by the Department of Employment
and Workplace Relations show.
However, some of Sydney's wealthiest areas have also registered big
increases in insolvency. Sydney's inner west had an increase of 83
per cent between 1999-2000 and 2005-06 while there was a 74 per
cent on the northern beaches and 60 per cent in the eastern
suburbs.
The shadow treasurer, Wayne Swan, said the figures showed many
families are under significant financial pressure.
"Household budgets are being hit by rising petrol prices, high
child-care costs and spiralling mortgage repayments caused by eight
consecutive interest rate rises, despite John Howard's promise to
keep rates at record lows," he said.
Roger Mendelson, the chief executive of debt collection company
Prushka, said easy access to credit was contributing to the rise in
bankruptcies and debt agreements.
"These people are not normally the high-flyers and the total amount
owing to creditors is often not all that large, it's just beyond
their capacity to repay," he said.
The total debt burden on Australian households has reached almost
$1 trillion and the ratio of household debt to income has reached
160 per cent, one of the highest in the world.
Interest payments now soak up more than 11 per cent of all
household income, about 2 percentage points more than in 1989 when
mortgage interest rates were 17 per cent.
Labor has also highlighted Government figures showing a record
amount of superannuation savings has been released to individuals
early to assist with financial hardship.
Those in financial difficulty can apply to withdraw cash from their
super account if they are in acute financial need.
The amount released for this purpose jumped from $70 million in
2005 to $135 million last year, Government answers to Labor
questions on notice show.
[/b]
Population of NSW is 6.8 mil with number of bankrupts at 7492
for '06
Population of Singapore 4.5 mil with number of bankrupts at 3506
for '06
Not a huge difference, and the australian bankrupts are guranteed
healthcare and children's education. 
I have never heard of the SG govt letting citizens withdraw CPF in
times of acute financial need either.
http://en.wikipedia.org/wiki/New_South_Wales
http://www.itsa.gov.au/dir228/itsaweb.nsf/docindex/About%20Us-%3EStatistics-%3EStatistics?OpenDocument
http://app.ipto.gov.sg/QuickAccess.asp?pg=3E2E303C1B0E1B1C
