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.