Source: Splash/Anthony Fomin.
Thousands of subcontractors are rushing to request early payments from contractors, as building work grinds to a two-week halt across Greater Sydney from today.
Earlytrade, a payments fintech available to 60,000 suppliers, recorded a 500% surge in demand for early payments over the weekend from subcontractors in Sydney’s construction industry who scrambled to cushion the blow of the shutdown on cashflow.
Guy Saxelby, Earlytrade chief executive and co-founder, said the platform hadn’t recorded such a large spike in payment requests from any sector since it was founded five years ago.
“There’s a sense of fear and panic among Sydney subbies,” Saxelby said.