New Australian Bureau of Statistics data released on Thursday showed 50,000 construction companies were set up between July 1, 2020 and June 30, 2022. But there are fears of more collapses.
It is the latest in a wave of devastating collapses in the building industry which is seeing firms go under across Australia sunk by high costs and supply constraints.
Oracle Homes customers have been left devastated looking at unfinished houses as the builder collapsed but the firm s boss Tom Orel still has a $5million mansion to go home to - for now.