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Monday, 21 October 2024
Building sector facing more crisis
AUSTRALIA’S residential construction sector faces a crisis as companies collapse, leaving consumers with lost deposits and unfinished homes. High immigration and declining housing starts intensify the need for new builds, but 2,832 companies went insolvent in 2023-24. Builders operate with slim margins, and consumer funds lack protection, often misused to cover other projects. Experts urge stronger regulations, like project accounts, to secure deposits, protect subcontractors, and restore confidence in the sector.
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Michael Walls
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