Peter McLeay stands in his nearly empty hostel in the middle of Cairns. The vacant space has become a familiar sight over the past 12 months.
The owner of Mad Monkey closed one of his five Queensland accommodations last week.
“Normally it is a fairly successful business, but we are down to about 10 to 20 per cent occupancy,” he told The Drum.
Mr McLeay and his business partner have accumulated $1 million in debt in just one year.
He says the venture is trying to hold out as long as it can, but like many he’s facing an uncertain financial future.