Concerns have been raised, we may see more business failures

Canberra is no exception.

A new report shows Business failures in Australia are set to hit a 10 year high.

Canberra Business Chamber CEO Greg Harford says cost of living issues and the higher costs associated with staffing are behind some of the issues.

The Australian Securities and Investments Commission says over 7-THOUSAND businesses across the country entered external administration for the nine months to March.

It’s an increase of more than 36 per cent on the same period last year, and that number is only expected to grow.