Construction industry reform is overdue and change is needed urgently.
Theres no doubt the property sector is experiencing a downturn, with projects put on hold and more builders going into liquidation. Those who can afford it least suffer most.
As the downturn continues, it is the subcontractors who are feeling the most pressure. Subbies comprise 82 per cent of the construction industry and data from the Australian Securities and Investments Commission shows each year subcontractors are left with more than $3.2 billion in unpaid invoices as a result of construction company collapses.
This situation arises because in an attempt to fund their own cash shortfalls, larger developers and builders may trade while insolvent and collect payments…
Read the full article at: https://thewest.com.au/business/commercial-property/act-now-to-protect-construction-pay-ng-b881106329z