Australian Constructors Association CEO Jon Davis warns that more building firms could follow Probuild into administration, due to the increased cost of materials and labour and ongoing absenteeism because of COVID-19. Probuild was placed into voluntary liquidation by its South African owners Wilson Bayly Holmes-Ovco on 23 February. It directly employed around 750 people and had annual revenue of more than $1.4 billion.
Davis says everyone thinks that the construction sector is healthy, but the reality is that it is “not in good shape”. From The Guardian:
“Everyone assumes that everyone’s making bucket loads of money,” Davies said, noting city skylines are often dotted with cranes, and governments talk up the accelerated spending on infrastructure as a spur for economic growth.
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