New labour data hits as unemployment rises to 4.5 per cent
ABS Labour Force data shows unemployment has risen to 4.5 per cent, with flow-on effects expected for the building and construction sector.
Unemployment has risen to 4.5 per cent according to the latest ABS Labour Force data.
What does rising unemployment to 4.5% mean for building and construction businesses?
Builders and trades businesses may see shifts in worker availability and wage pressures as unemployment rises. Could affect hiring costs and project labour supply.
Key takeaways
- ABS Labour Force data shows unemployment has climbed to 4.5 per cent nationally.
- The building and construction industry is flagged as likely to feel the impact.
- Rising unemployment may affect labour availability and wage dynamics for trade businesses.
- Trades employers should monitor hiring conditions as the labour market shifts.
Related
Trades shortages persist as work on the ground remains solid
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Why it matters: Builders, carpenters and other residential trades should expect continued tight labour supply. That can mean higher wage pressure, harder hiring and longer lead times on jobs.
ATO ramp up of small business debt collection
Master Builders Australia has published a news item saying the ATO is stepping up its debt collection against small businesses. The text provided gives no further detail on the measures, timing or amounts.
Why it matters: Builders and other trade businesses with outstanding tax debts may face firmer ATO collection action, which could strain cash flow. Details are not in the source text, so check the ATO or Master Builders directly.
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Why it matters: Builders and contractors working on or seeking Commonwealth-funded projects could face new employment and supplier requirements. The practical impact is unclear until details of the proposals are released.