Are Aussies spending more on renovation work?
Australian’s spending on holidays and travel nose-dived this year. No planes flying, borders closed; 2020 has been a tough year for the domestic tourism industry on some fronts.
But tradesmen and builders seem to be reaping the benefits in this changed spending environment. Financial commentators speculate that the enforced savings Aussies are making in their 2020 travel budgets have contributed to the recent spike in home renovation and housebuilding spending.
According to Financial Review ‘in 2018-19, more than 10 million Australians took overseas trips, spending $65 billion.’ In 2020 a big chunk of that money seems to have been committed to renovations, and that trend has been fuelled by the Australian Government’s spending stimulus measures designed to encourage home and property investment.
Queensland tradespeople have been especially busy in the 2020 financial year. A report by In Queensland states that homeowners in that state have been ‘spending an average $60,000 on renovations’.
Can this trend continue? The financial recovery post-covid outbreak is seen as a bubble by many economists, but the hard numbers this year are irrefutable. Australians are spending big on construction work. The surge might not turn into sustained growth but it’s definitely a time for tradies to make hay while the sun shines.
How can tradies make the most of the current home building boom? Read our article on trades business optimisation for some useful tips.
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