Victorians are bearing the brunt of a national spike in construction costs and delays which have forced a growing number of business failures, write paulsakkal and Brittany Carlson
The cost of building a home in Victoria is rising faster than in any other state because supply prices have spiked, forcing a growing number of business failures that have left hundreds of millions of dollars worth of projects in limbo.that his customers wanted new homes built, but the supply problems left him feeling as if he owned a fancy restaurant with people queueing round the block but “not enough steak to serve them”.
Mr Biasin, who urged the federal government to open its skilled migration program to boost labour supply, said his company started sourcing timber from Eastern Europe, where supplies were more plentiful but cost twice as much as Australian timber.Advertisement More building was done in Victoria than in NSW in the locked-down months of 2021, and while the sector helped keep the state’s economy growing during the economic downturns, the Master Builders Association warned more firms would probably collapse as they weaned off JobKeeper.
“It appears that the large increases on builders’ material and labour costs following COVID-19 shutdowns combined with the reduced workforce capacity is starting to impact Victorian builders significantly. This could be a major issue for our industry moving forward,” she said.“Our sector still requires support to ensure it can steadfastly remain the cornerstone of our state’s post-COVID economic recovery.
Deloitte Access Economics director Chris Richardson said there was a wicked combination of global inflationary pressures, labour supply gaps caused by state border closures, delays in global supply chains and lockdowns in key manufacturing hubs.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Shocking photos show devastation in the Philippines as typhoon leaves at least 109 deadTyphoon Rai knocked out communications and electricity in many areas, ripped off roofs, damaged hospitals, toppled concrete power poles and flooded villages:
Read more »
Sydney casino manager fired over $7000 actA Star gaming manager who borrowed more than $7000 from employees to fund her gambling addiction has been fired and banned from the Sydney casino. 7NEWS
Read more »
Bankruptcy falls on ex-polo playing Rich Lister KingCourt documents also reveal the massive legal costs incurred by ASIC in the MFS collapse.
Read more »
Microbursts: what causes the deadly, high-speed weather events?A Narrabeen woman has died after one of these severe storms delivered dangerous winds that felled trees and stripped roofs from houses
Read more »
Australia’s stalled population growth must be resumedA smaller Australia would come at a high cost in jobs, houses, prosperity and security.
Read more »
Four dead after light aircraft crashes in water at RedcliffeSadly, four people have died after a light plane crashed off Queensland's Redcliffe coast this morning in the Moreton Bay region. A massive emergency response has been mustered at Redcliffe airport. 9News READ MORE:
Read more »