New South Wales appears to be most severely affected, with 389 construction collapses, accounting for 59% of the total number. While the data does not encompass the entire September quarter, it serves as a worrying indicator that the weakness in the construction sector could surpass last year’s national insolvency figures, The Australian reported. In the previous financial year, a total of 7,942 insolvencies were reported, including 2,213 construction firm failures.
Queensland experienced a 30% increase in insolvencies, reaching 325, while in Victoria, the only state to buck the trend, company collapses declined by 1.8% to 494. Paul Bidwell, chief executive of Master Builders Queensland, acknowledged that although the predicted wave of …
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