Manufacturing, Construction Insolvencies Spike Across Australia

Economic turbulence continues to contribute to the stark decline of Australia’s secondary industries.
Manufacturing, Construction Insolvencies Spike Across Australia
Labourers work at a construction site in Sydney, Australia, on June 18, 2020. Saeed Khan/AFP via Getty Images
Nick Spencer
Updated:
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Australia’s secondary industries are bearing the brunt of inflationary pressures as business failures spike in the face of a nationwide cost-of living crisis. 
According to data compiled by the Australian Securities and Investments Commission (ASIC), manufacturing and building company insolvencies surged in the first six months of FY 2023-24 due to the steep cost of raw materials and electricity, coupled with labour shortages.