The number of Australian construction companies hitting the wall continues to soar, with almost 1,400 businesses collapsing in the second half of 2023.
The latest numbers released this week by the corporate regulator, Australian Securities and Investments Commission (ASIC), revealed that 29 per cent more companies folded than in the same period in 2022.
Overall company collapses surged 37 per cent in the December half, with construction taking up over a quarter of that tally.
According to the Housing Industry Association, the construction market is facing one of the worst storms since the energy crisis in the mid-1970s.
Factors including high demand, labour shortages, and material supply constraints due to the pandemic effect have result…
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