Original article by Michael Bleby
The Australian Financial Review – Page: 29 : 6-Jun-19
Data from the Australian Securities & Investments Commission highlights the impact of the slowing residential market on the construction industry. Some 153 building firms across Australia were placed in administration during March, including 64 in New South Wales. Subcontractors have backed a 2017 proposal to establish deemed statutory trusts, which would ‘ringfence’ payments to subcontractors for projects worth more than $1m.
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, SUBCONTRACTORS ALLIANCE, HOUSING INDUSTRY ASSOCIATION LIMITED, SCHIAVELLO GROUP PTY LTD, AUSTRALIA. OFFICE OF THE AUSTRALIAN SMALL BUSINESS AND FAMILY ENTERPRISE OMBUDSMAN