Company failures are now at their highest annual level since 2010 - after the Global Financial Crisis

The latest Centrix data shows the sharpest rises in hospitality, retail trade, and transport.

Chief Operating Officer Monika Lacey says during the Covid pandemic there was a lot of stimulus injected into the economy.

She says we are starting to see that tapering off, combined with tougher economic times in recent years.

Lacey says she thinks the pace of that increase will slow, but it's not clear how long that tail is.