Worst Yet to Come for Queensland Builders

The Australian economy may be improving, but experts say the worst is yet to come for Queensland developers who have been particularly hard hit by the financial crisis.

Former Queensland Premier Joh Bjelke-Petersen used to count the number of cranes on Brisbane’s skyline to measure the health of the state’s economy. Apply the late Sir Joh’s test today and the results are dismal.

Around a dozen cranes hung over the heart of Australia’s third largest city before the financial crisis – now there is around six. And the situation is much the same in the construction sector Queensland-wide.

“The commercial sector is about 40 per cent down on year to date turnover, we’ve had over 20,000 redundancies out of the commercial sector and the latest report to September 2009 showed that we had $3.3 billion of projects that had been deferred and another $500 million worth of projects which had been abandoned,” said John Crittall from the Master Builders Association.

“So yes, the downturn has hit us the hardest of all states by far.”

Mr Crittall says within Queensland, the Gold Coast is the worst affected area. He says the glitzy tourist zone has become a construction dead zone.

19 November 09

• 560 jobs to go at Westpac
• Pacific Highway Open but More Rain to Come
• $2m Grafton Airport Upgrade Critical
• Gas Firm Proposes Underground Salt Solution
• Nationals Hold Clarence
• Clarence Swing to ALP Forecasted for the By-election
• Call for More Casino Police
• Clarence Candidates Quizzed on Power Privatisation
• Nationals Release Coal-Seam Gas Blueprint
• North Coast Housing Industry Takes a Hit
• North Coast Jobless Rate Falls
• North Coast Jobless Rate Falls
• Ex-mayor wins Nationals' Preselection for Clarence
• NORBEC Helps Local Businesses
• North Coast Gas Firm Hints at Future Fracking
• North Coast Gas Firm Hints at Future Fracking
• Ballina Horse Dies from Hendra
• Push to Return Splendour to Northern Rivers
• More Police More Effectve on Speed
• Council Accused of Delaying Centre Expansion
• Lismore LEP Under Discussion
• Supermarket Vandalised Before Opening
• Ballina Bypass Opens
• Flood Risk Forum Meets
• Cost of Hospital Facelift Unknown
• Council Clamps Down on Illegal Campers
• Repairs to Lighthouse Road to Start
• Lismore Cafe in Wages Dispute
• Lyn Parche Appointed to Tourism NSW
• Cyclone May Open Banana Imports

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