A staggering 2,349 constrcution 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.
However, chief executive of Master Builders Australia Denita Wawn remained positive about the industry.
She said: “It’s…
