More and more home builders are collapsing across Australia as soaring materials and labour costs cripple the companies working desperately to meet the country’s surging demand for houses.
Data from the Australian Securities and Investments Commission shows a gathering pace of construction insolvencies in the past three years, with 2196 builders going bust in the past financial year through to April 7, a 34 per cent increase from the 1635 insolvencies recorded in the 2023 year.
For the nine-month period from July 1, 2023 to March 31, 2024, construction firms accounted for nearly 28 per cent of all insolvencies.
And the brutal landscape is swallowing up companies that have been in business for decades, illustrated by this month’s…
