Thousands of failed builders reveal scale of industry’s dire plight
Thousands of building companies have folded in just 12 months in Australia, with ASIC data revealing the horrific scale of issues confronting the building and construction sector.
Soaring interest rates and high building costs are doing little to ease the pressure on the building industry. (Image source: Shutterstock.com)
Multiple building companies are collapsing every day in Australia.
That is the nightmare that has unfolded according to the Australian Security and Investments Commission, which has revealed 2,117 Australian building companies went into liquidation in the 2022-2023 financial year to 18 June.
Even allowing for the decimation of the hospitality sector caused by Covid, the building industry is by far the most prolific when it comes to business fai…
