Currently ACIF is gathering information on how many of the recommendations in the Building Confidence Report have been implemented by state and territory governments, and to what extent. We would love to receive your feedback on this. Please email firstname.lastname@example.org with any feedback you may have. We are also liaising with state and territory governments and plan to release an update for public information.
On Friday last week, the Productivity Commission released its 5-Year Productivity Inquiry. The report presents statistics showing that the productivity of the construction industry has been lower than that of other industries in Australia, and highlights the need for industry stakeholders to collaborate and work towards improving productivity in the sector. The construction industry’s labour productivity grew at an average annual rate of 0.6% between 2000-01 and 2018-19, which was slower than the growth rate for the whole economy of 1.5% per year. The report states that “Adopting a circular economy approach in the construction industry can help reduce waste, increase resource efficiency, and promote sustainable practices”, and that “The construction industry needs to embrace new technologies, materials, and construction methods to reduce its reliance on finite resources and promote a circular economy” (Volume 2, page 117). The report also highlights the potential of digital technologies to improve productivity and efficiency in the construction industry, and the need for industry stakeholders to embrace digital transformation and invest in the development of digital engineering capabilities.
In other news, the Queensland Government has extended the commencement of the remaining phases of the Project Trust Accounts (PTA) framework to strengthen security of payment for tradies, in particular for smaller contracts. The date has been extended for eligible contracts for up to two years – between $3 and $10 million to 1 March 2025, and over $1 million to 1 October 2025. See here for more information.
Dr James Cameron
ACIF Executive Director