Construction industry insolvencies last month were more than double the previous monthly high, hitting a record 941 in August as fallout from the collapse of Sydney residential developer Bathla swamped companies across the sector.
While the high-profile failure of Bathla – a company with 2500 houses under construction – accounted for 542 of the insolvency appointments to related corporate entities recorded by the corporate regulator last month, economists said rising costs and interest rates risked further failures.
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