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Construction industry reeling as insolvencies soar even higher

There's no industry sector in Australia performing worse than the construction industry when it comes to business failures and insolvencies.

Heavy wrecking ball crane demolishing old building.
Insolvencies are crashing through the construction industry like a sector wrecking ball. (Image source: Shutterstock.com)

More Australian companies are failing and the construction industry is faring the worst of all.

During the nine-month period from 1 July 2023 to 31 March 2024, more than 7,700 companies entered external administration, a 36.2 per cent increase on the previous corresponding nine-month period ending 31 March 2023.

According to the Australian Securities and Investments Commission (ASIC) data released Thursday (18 April), of these external administra…

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