by John McBain, Joint CEO
We have passed a significant milestone on the road to Australia’s economic recovery as we reached the two year anniversary since Australia and New Zealand shut their international borders on 20 March 2020 and 19 March 2020, respectively. Adding to this milestone is the good news Western Australia has reopened its borders to domestic travellers earlier this month.
The question on every investor, lender and developer’s lips right now is what is the impact on our investments following the recent news of Tier 1 building contractor Probuild appointing administrators. It is not surprising to see major builders go under within a background COVID-related supply chain delays, material cost increases and subcontractor shortages. Combined with industry practice being low margins and fixed price contracts,
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