Source: Australian Securities and Investments Commission
The construction sector has been hit particularly hard, with construction firms leading industry insolvencies in every quarter since mid-2021. They have accounted for approximately 25% of all insolvencies during this period. The residential construction sector is already facing a backlog of projects to complete as a result of skills and material shortages in recent years, and increased insolvencies in the sector may only exacerbate the problem of housing shortages.
The food & accommodation sector has also experienced a wave of insolvencies. High input costs, worker shortages, and weak consumer sentiment have put pressure on businesses. Specifically, in March,…
