Tuesday, May 03, 2022

WA Builders Collapse But ‘Whole Lot Worse to Come’

 At least half Australia’s building companies are trading insolvent, teetering on the brink of collapse and the construction industry’s troubles are “about to get a whole lot worse”. 

So says Association of Professional Builders co-founder Russ Stephens as the casualties in the country’s pressure-cooker construction sector keep piling up. 

“Our estimate is around 50 per cent of building companies are trading insolvent at the moment and can’t pay their bills … but I’ve heard other people in the industry say it’s 66 per cent, but they won’t go on record.

“No one really wants to talk about this stuff to be honest. They’d rather it was swept under the carpet.

"This industry is spiraling downwards and it's going to get a whole lot worse.  

“But our philosophy is the more we can raise awareness of this there’s still time to help some of these building companies trade out of it.”

With two construction firms in Western Australia calling in the liquidators in recent days, the perfect storm hitting the industry is clearly gaining rather than losing momentum.

Perth-based New Sensation Homes and Home Innovation Builders have joined a growing list of big and small builders to go under—including Probuild, Condev, Privium, Hotondo and Pindan.
Todays #Hashtags.

                1.        #NFT
                2.        #GST
                3.        #FYP
                4.        #JL
                5.        #BorderWars
                6.        #Floods
                7.        #Afl
                8.        #WOY
                9.        #Floods
                10.      #Ukraine

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