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…
http://www.martinnorth.com/
Go to the Walk The World Universe at https://walktheworld.com.au/
Today’s post is brought to you by Ribbon Property Consultants.
The Senate Inquiry into ASIC took further evidence this past week. One notable contribution was from an academic, who really went to town on the role and purpose of the regulator. Indeed, he posed the question” Why does ASIC not enforce the law….”?
http://www.martinnorth.com/
Go to the Walk The World Universe at https://walktheworld.com.au/
ASIC is warning credit providers and debt management firms that strong, targeted action against predatory lending, high-cost credit and misconduct impacting consumers experiencing financial difficulty is expected in the coming months as part of its continuing focus on protecting consumers.
Timely, given the high cost of debt, and the pressure many households and businesses are under. Remember more debt is not necessarily the answer!
ASIC is warning credit providers and debt management firms that strong, targeted action against predatory lending, high-cost credit and misconduct impacting consumers experiencing financial difficulty is expected in the coming months as part of its continuing focus on protecting consumers.
Timely, given the high cost of debt, and the pressure many households and businesses are under. Remember more debt is not necessarily the answer!
It is unbelievable that ASIC has started 2023 with an extraordinary attack on the Federal Parliament on the eve of a major inquiry about to examine ASIC’s investigation and enforcement performance.
Earlier this week, we had an extraordinary attack by ASIC on the Federal Parliament’s system of oversight.
Both outgoing Commissioner Sean Hughes and ASIC Chairman Longo has attacked Parliament’s oversight as inefficient and waste time!
ASIC will be appearing before Senate Estimates either on 15 or 16 February 2023, so this will be the next set of potential fireworks with Senators.
Senator Bragg and the Senate Economics References Committee has extending the deadline from Friday 3 February 2023 to Tuesday, 28 February 2023. Almost 4 weeks for submission relating to the ASIC Inquiry.
Yet another example of ASIC failing to regulate effectively, this time it is centered on Business Name Renewals, which ASIC seems to be happy to outsouce to higher paying private operators. We show documentary evidence of the scam. Another disgrace!
Businesses can end up paying much more than they need to. Be warned!!!
http://www.martinnorth.com/
Go to the Walk The World Universe at https://walktheworld.com.au/
This is an edited and updated version of a show originally posted on “In The Interests Of The People”, with Economist John Adams and I discussing the current ASIC inquiry being run in the Senate.
There were some answers provided last week to questions on notice about ASIC’s conduct in terms of trying to lobby to stop the inquiry.
But in late breaking news, and not covered in the earlier show, further questions and answers were posted late last Friday evening (putting the trash out?) demonstrating just how unwilling the Corporate Regulator is in terms of disclosure. Is this contempt?
The earlier IOTP show, where we also discuss how Crypto plays into this, is available here. https://youtu.be/JPoOyV3Mvis
Go to the Walk The World Universe at https://walktheworld.com.au/
This is an edited and updated version of a show originally posted on “In The Interests Of The People”, with Economist John Adams and I discussing the current ASIC inquiry being run in the Senate.
There were some answers provided last week to questions on notice about ASIC’s conduct in terms of trying to lobby to stop the inquiry.
But in late breaking news, and not covered in the earlier show, further questions and answers were posted late last Friday evening (putting the trash out?) demonstrating just how unwilling the Corporate Regulator is in terms of disclosure. Is this contempt?
The earlier IOTP show, where we also discuss how Crypto plays into this, is available here. https://youtu.be/JPoOyV3Mvis
Go to the Walk The World Universe at https://walktheworld.com.au/
The FTX Story continues to run with reports of missing funds and deceptions. In Australia, ASIC appears to have been asleep again, as we find that the local instance of FTX – who owes money to some 30,000 investors – used a back door method of get a local license to operate.
So once again the Financial cop was found wanting!
Go to the Walk The World Universe at https://walktheworld.com.au/
