Sunday 7 August 2022 05:37 AM Construction boom over with warnings industry could soon go bust trends now
View
comments
Warnings have been raised the construction industry could be about to go bust following a long boom in the industry.
The Reserve Bank of Australia warned in October 2019 the construction industry was going to experience a downturn.
The warning came after the industry enjoyed a massive boom between April 2012 and November 2017.
Home building approvals rose by 119 per cent with more being constructed than ever before.
Warnings have been raised the construction industry could be about to go bust following a long boom in the industry (stock image)
The Reserve Bank of Australia warned in October 2019 the construction industry was going to experience a downturn (stock image)
The industry began to slow down and decline with approvals dropping by 41.5 per cent between November 2017 and January 2020.
The RBA prediction that the industry was about to take a hit appeared accurate.
Then construction picked up again when the Covid-19 pandemic arrived.
Demand for renovations skyrocketed while the federal government poured billions of dollars worth of grants into the industry.
The federal government launched the HomeBuilder program in June
