Cost Escalation in Australia's Building and Construction Industry
The building and construction industry in Australia is experiencing a significant challenge that affects everyone from developers to homeowners: cost escalation.
According to corporate watchdog ASIC, there were 2832 construction industry insolvency appointments for the 2024 financial year until June 16, an increase of 28 per cent on the 2213 insolvencies over the previous financial year. The construction sector remains by far the single largest category of insolvency. See Financial Review article “nearly 3000 building companies go broke in a year”
This is the fourth item of a 10-part shortlist from Back to Basics previous blog “
