Australia is on track to see 10,000 small businesses collapse by the end of June, the worst number in 11 years, Sky News Business Editor Ross Greenwood has revealed.

CreditorWatch has said the number of businesses in external administration has hit a record high.

“In the nine months leading up to the end of March, there’s around 7,700 small businesses that have collapsed, and that’s up 36 per cent,” Mr Greenwood said of the matter.

“That means potentially we are on line to see some ten thousand businesses collapse, in the year to June 30.

“In that case it will be the worst number of businesses that have collapsed in 11 years.”