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HomeChemicals&MaterialsCEOs of Australia's four major banks: Solving the housing shortage is the...

CEOs of Australia’s four major banks: Solving the housing shortage is the biggest challenge facing Australia

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The Australian’s 2024 CEO survey shows that CEOs of major Australian banks believe that housing is Australia’s most critical area of reform. Suppose the government, banks, developers and community groups work together to coordinate and solve the problem of insufficient housing supply. In that case, Economic growth, housing affordability and social inclusion will all benefit.

National Bank (NAB) chief executive Ross McEwan said solving the housing shortage was Australia’s biggest challenge. He pointed out that 50,000 fewer homes were built each year across Australia than needed. ANZ chief executive Shayne Elliott said it was the most difficult time in 30 years to get a home loan for people who don’t own a home. Commonwealth Bank (CBA) chief executive Matt Comyn and Westpac chief executive Peter King echoed similar sentiments.

The Australian construction industry is still far from out of the cold winter, and the number of corporate bankruptcies may continue to rise in the coming year.

Industry analysis shows that the Australian construction industry is still far from out of the cold winter, and the number of business failures in the industry is expected to continue to surge in 2024.

According to the latest statistics from the Australian Securities and Investments Commission (ASIC), the number of construction-related business failures reached 3046 in the year to December 3, an increase of nearly 38% from the 2213 closures for 2022.

Meanwhile, construction-related business closures accounted for 27% of all business closures so far this year. The main reasons for failure include poor financial planning, insufficient cash flow and poor economic conditions.

Some industry analysts are not optimistic about the construction industry’s situation in the next year. They predict that the number of construction-related company failures will continue to increase in 2024.

Jarvis Archer, head of restructuring and insolvency at Revive Financial, said the construction industry will see significant insolvencies through at least the first half of 2024.

Russ Stephens, co-founder of the Australian Professional Builders Association (APB), also predicted that there will be “more business closures” in the construction industry in 2024 as inflation and supply chain challenges continue to intensify.

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