Good 2021 for Aussie builders? What the experts say.
There was a lot of negativity about Australia’s building industry, back in April, as the government was trying to come to grips with COVID-19.
The lockdowns have had a devastating effect on a lot of industries, but amazingly, the building industry has come through the worst of COVID relatively well.
The Morrison government made some early decisions that helped ease the pain for builders, according to Denita Wawan, CEO of Master Builders Australia. In May, Ms Wawn stated that 'Whatever measures are announced must result in building activity commencing immediately.'
The Housing Industry of Australia's Graham Wolfe also urged action from the government to prevent the construction slump that was expected in financial year 2020/21. 'The stimulus needs to be about getting slabs on the ground in the second half of the year,' said Mr Wolfe.
The government seems to be listening to the advice of building industry leaders. There are significant incentives for the industry in the federal budget, and economists are now reporting the positive reaction of the market from those measures.
Trading Economics reports that while total construction work in Australia declined by 0.7% in the three months to June, this was much less damaging than the 5.8% decrease expected by industry experts at the beginning of the COVID crisis.
New positive indications are emerging in recent weeks too, economic experts say. Business reporters are making strong predictions for our economy in the new year and telling builders to get ready for a post-COVID surge in demand as Australians start spending money on renovating their homes again.
The Australian Financial Review reported that Western Australia and South Australia’s building industries are expanding again already, and Queensland is also showing growth.
Whatever the beginning of 2021 holds for Aussie builders, our situation here is much stronger than other parts of the world where COVID is still a massive problem, closing down economies and causing growing social strife.
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