Master Builders Australia seeks a National Cabinet consensus to deal cohesively and practically with the tension between the health and economic impact of the virus is the overwhelming imperative to be drawn from the 7% fall in June quarter GDP.
“This is a fundamental requirement to instilling the confidence necessary to arrest the shocking drops in private sector demand and household spending that are driving the decline in economic growth,” Denita Wawn, CEO of Master Builders Australia, says.
“Our industry is confronting forecast declines of 27% in home building activity and around 17% in commercial construction over the next 12 months.”
“This will have a devastating impact on the nearly 400,000 businesses, the 1.2 million people they directly employ and negatively impact thousands more in the building supply chain and wider economy,” Wawn says.
“That is why Master Builders is calling for bold action from the Federal Government in the Federal Budget which is now just over a month away,” she says.
“We want to see stimulus and policy measures that support economic growth. Investment in building and construction activity that gives back to the economy,” Wawn says.
Measures such as:
“Rebuilding Australia from this recession is going to be a unique challenge. The building and construction has a major role to play and has been successfully navigating through the health challenges posed by the pandemic to continue providing jobs and economic activity,” Wawn says.
“Boosting confidence through a National Cabinet consensus to deal with the economic and health challenges and Budget measures to bridge the gap in private demand are essential to providing a foundation for recovery.”
Lead photo: Ricardo Gomez Angel