Building industry failures for the nine months of the financial year to date have hit their highest level in seven years and are on track to break a decade-long record, industry figures say.
Construction industry insolvencies over the three quarters to March were 1601, new figures from corporate regulator ASIC published on Tuesday show, with 524 nearly one-third of those occurring in the first three months of this calendar year.
Looking down: Insolvencies are rising in construction. Jason South
The increase reflects a wider trend of rising insolvencies across the economy, but the building sector is hardest hit, making up 1997, or 27.1 per cent, of the total 7367 insolvency appointments so far …
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