One-third of Aussie construction workers could lose their jobs

Cbus chief investment officer Kristian Fok says the impact of COVID-19 on the construction sector could be worse than that of the 2018 slowdown.

Whereas the Master Builders Association (MBA) has stated as many as 440,000 of the Australian construction sector’s 1.2 million workers could lose their jobs as a result of the economic slump caused by COVID-19:

Under a worst-case scenario, Master Builders Australia estimates up to 440,000 of the construction industry’s 1.2 million-strong workforce could lose their jobs due to the coronavirus-induced economic slowdown as new house construction plummets 27 per cent this year.

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.