As recently reported in a Master Builders Australia (MBA) press release:
The commercial construction sector is facing a significant downturn due to the impact of COVID-19 unless governments act to provide stimulus initiatives. According to the MBA, commercial construction activity is forecast to severely decline. Compared to previous forecasts, Master Builders now expects commercial building activity to be 15.7 per cent lower in 2020/21 and 11.5 per cent lower in 2021/22. The release went on to say that the impact on the commercial construction sector (as well as residential construction) is severe because the majority of projects are not publicly funded.
It is clear that the MBA (which the AIB supports) is calling for government/s to help build the bridge to recovery with areas where the public sector dominates, such as in education, health and defence and in effect, kick start initiatives. Other initiatives should include an expansion of government construction of education, health and aged care facilities.
Finally this week, there have been two reports released recently which may well be of interest:
1.) Senate Economics References Committee’s Inquiry into Non-Conforming Building Products – Government Response to the Final Report: Non-conforming building products – the need for a coherent and robust regulatory regime (access here).
2.) NSW Legislative Council Regulation of building standards, building quality and building disputes – Final report (access here).
Have a great weekend ahead everyone..