Original article by Larry Schlesinger
The Australian Financial Review – Page: 29 : 3-Jul-24

Data from the Australian Securities & Investments Commission shows that a total of 10,497 companies were declared insolvent in the 2023-24 financial year up to l6 June. This includes 2,832 insolvencies in the construction industry, which is 28 per cent higher than the previous financial year. The data also shows that rate of corporate collapses in the building industry is accelerating, with 120 insolvency appointments during the first two weeks of June; this compares with 314 in May and 255 in April. Master Builders Australia CEO Denita Wawn says factors such as labour shortages, material cost inflation, inefficient regulation and "draconian" industrial relations reforms have made construction projects unsustainable.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, MASTER BUILDERS AUSTRALIA INCORPORATED