While a record number of construction firms traded as insolvent in the 2022-23 financial year, as many businesses were established in the sector than exited, new data has shown. A total of 73,405 construction businesses ceased their operations in the 12 months to June 2023, yet 73,013 new firms also joined the sector over that period, figures released by the Bureau of Statistics on Monday showed, suggesting continued confidence in the sector. Over the same period, 2,213 construction businesses were insolvent, according to the Australian Securities and Investments Commission. Master Builders Australia (MBA) chief executive Denita…
