Earlytrade data suggests that the “perfect storm” of persistent labour shortages, supply chain pressures and interest rate rises caused a further slowdown in Australia’s construction industry during the March quarter of 2023.
In the latest Earlytrade Supply Chain Scorecard, the data is showing that the “perfect storm” of persistent labour shortages, supply chain pressures and interest rate rises caused a further slowdown in Australia’s construction industry during the March quarter of 2023.
Key call outs:
- Construction claims fell by 4% during the March quarter, suggesting further slowing in construction activity
- Despite this, early payment requests from subcontractors increased by 12%, defying seasonal cyclicality
- The proportion of claims being brought forward by subcontractors increased by 14%
- There are green shoots for the sector as supply constraints and inflationary pressures abate. The RLB Tender Price Index is moderating to 4% for 2023
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