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.
Residential construction costs have surged by 10 per cent in a year, almost double the 5.1 per cent inflation pace. Costs of timber and metal in particular are becoming much dearer.
Pivotal Homes in Queensland went into receivership last month, leaving pregnant Tara Ferguson and partner Brodie Lehner homeless and facing life in a tent with their newborn baby.
Two more Australian building companies have entered administration as the world s material crisis continues to leave tradies without work and owners without homes.