News.com.au reported that a staggering 2,349 construction firms have collapsed in the past year – with fears more may fall soon.
A “perfect storm” of high interest rates, soaring material costs and an ongoing worker shortage across the Aussie industry have sent tradies into freefall.
Insolvencies in the construction industry have reached an annual record this year, according to fresh data published by the corporate regulator ASIC.
The September quarter was the worst for the industry in 2023, where 785 construction businesses traded as insolvent. Just this month four building companies went bust in the first three days of the month.
And amid a chronic shortage of housing fuelled by Australia’s record overseas migration intake, the collapse of builders, contractors and subcontractors will not only have an immediate impact but could crimp future supply of new homes.
We look in more detail at the numbers…
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