A 50-year-old construction company that accrued $20m of debt in the past two months has gone into administration. Company directors of Property Coordination (Australia) made the “soul destroying” decision to relinquish control and appoint RSM Australia Partners as voluntary administrators on Tuesday. RSM Australia Partners administrator Jonathon Colbran said evenContinue Reading
Almost a third of Australians are at risk of running out of their savings buffers within six months and could be left vulnerable in the event of further interest rate rises, the Reserve Bank has found. In its biannual health check of Australia’s financial system, released just days after theContinue Reading
Another two more construction companies in Western Australia have gone under due to labour shortages and increasing construction costs. WA Housing Group, founded in 2019 and focused on custom builds and remodelling, was forced into liquidation on December 7, while Individual Developments WA (IDWA), which had prior agreements with theContinue Reading
West Australian business FIRM Construction has fallen into administration in yet another blow for the embattled construction industry. Director Mark O’Gorman said the business had been doing everything it could but failed to pull through the financial challenges of 2022. The industry is facing major problems from a steep riseContinue Reading