A wave of corporate failures, and resulting unpaid debts, could damage the sector’s ability to tackle Australia’s chronic housing shortage, the CFMEU warns.
Work on a 184-unit residential development has stopped, with the CFMEU claiming the project’s construction firm, PBS Building, is “teetering” on collapse.
A spokeswoman for Doma, the developer of the site in the Canberra suburb of Woden, said there were no building staff present on site on Monday at its $53 million Melrose project, at 5 Corinna Street, but declined to give further details. The operations of the company during the financial year were impacted by both COVID and the well-publicised flow-on impacts.is that a wave of failures and the unpaid debts that would ricochet through the economy slash the capacity of the industry to build more housing – the pipeline of which has already shrunk due to soaring borrowing costs – at a time when demand is ramping up.
PBS, a commercial builder with a string of projects including Canberra’s $115 million Goodwin Farrer Aged Care facility, the $90 million Latitude25 retirement living facility in Queensland’s Hervey Bay and a $14.8 million St George Community Housing project in western Sydney’s Liverpool.
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