Why it matters: The 120-year-old Royal Automobile Club of Australia is one of the nation’s oldest clubs
But its auditors warn there is “material uncertainty” over its future.
It comes after previous auditors warned the club may be trading while insolvent
But president Stephen Hathway says he has “absolute” confidence the club will survive.
Sydney’s exclusive Royal Automobile Club of Australia is verging on collapse after auditors warned there was “material uncertainty” and “significant doubt” it could pay off debts.
The warning came as the club posted a $770,000 loss in financial year 2023, and its 1600 members – down from 1800 last year – prepare to vote on the board of directors, led by Helm Advisory liquidator Stephen Hathway.
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Lucas Baird is a journalist based in The Australian Financial Review's Sydney office. Connect with Lucas on Twitter. Email Lucas at lucas.baird@afr.com
