The Victorian Managed Insurance Authority blamed the losses on lower investment returns and higher than expected claims last financial year. Industry figures say it shows more builders are struggling.
such as wood and cement. In Victoria, builders are not allowed to adjust a contract when building costs increase, meaning many cannot recoup their losses from customers.past year have dented consumer confidence, with fewer people buying homes.
He said as much as half the building sector could collapse if things deteriorated further, and called for the new National Construction Code, which takes effect in Victoria in October, to be delayed. “How can we incentivise people to go into trades training and stay with businesses?” McDonald said. “First-year apprentices are getting dragged out of the sector to go to the government’s Big Build [infrastructure project]. It’s sucking up resources from our industry and making things even more difficult.”
“Recent events in the construction sector highlight the importance of domestic building insurance for customers,” the spokeswoman said.
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.
Mobile homes offer rebuilding residents some solace as insurance woes called outResidents rebuilding their flood-ravaged northern Victorian homes will be able to put government-funded caravans or modular houses on their properties until they get the job done.
Read more »
‘Risen from the dead’: The head-swelling zombie fish is back after 80 yearsWe destroyed wetlands, muddied creeks and filled them with introduced competitors. Adspersa did not make it. Victorian authorities presumed the fish, also known as the Southern Purple Spotted Gudgeon, went extinct in the 1940s.
Read more »
Local Mayor claims he’s been defamed by Chat GPT | 7NEWSA Victorian mayor is taking on an artificial intelligence chat bot in a world-first defamation lawsuit. The Hepburn Shire Mayor says Chat GPT needs to be held accountable for labelling him a criminal. _kathleenoco 7NEWS
Read more »
Hepburn Shire Mayor launches defamation lawsuit over Chat GPT content | 7NEWSA Victorian mayor is taking on an artificial intelligence chat bot in a world-first defamation lawsuit. The Hepburn Shire mayor says Chat GPT needs to be held accountable for labelling him a criminal. ChatGPT 7NEWS
Read more »
QLD man attacked by crocodile escaped by sticking his fingers in its eyesA man in his 40s is in a stable condition after being attacked by a crocodile while spearfishing in far north Queensland. He was bitten three times – suffering head, shoulder and leg injuries from the attack at Archer Point on the Cape York Peninsula. The man, aged in his 40s, managed to escape by sticking his fingers in the crocodile's eyes. He's been airlifted to Cairns Hospital and is in a stable condition. The attack comes after a 65-year-old man was bitten near Port Douglas last Tuesday.
Read more »