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All bad news for construction industry in Budget.



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All Bad News For Construction Industry In Budget Bob McMullan - Shadow Minister for Industry and Technology

Media Statement - 10 May 2000

There is nothing but bad news for the construction industry in the Federal Budget released yesterday, Shadow Minister for Industry and Technology, Bob McMullan, said today.

"A crisis is brewing in investment in construction that could be a disaster for the industry," Mr McMullan said.

"The Budget Overview shows that a downturn in construction is already underway with a 12 per cent drop in business investment in building and structures estimated for 1999-2000.

"This estimate is in line with the 14.4 per cent plunge in total building approvals for April announced by the Australia Bureau of Statistics last week.

"The Budget Overview forecasts for 2000-2001 shows this decline will continue, with a forecast downturn in investment in private dwellings of three per cent and business investment in building and structures of nine per cent.

"Compounding this forecast is the Housing Industry Association's forecast that 60,000 jobs and $6 billion in investment will be lost by 2001.

"Against this background there are absolutely no measures in the budget to address this crisis that is developing in the construction industry.

"Senator Minchin is distinguishing himself as a do nothing Minister," Mr McMullan said.

Authorised by Geoff Walsh, 19 National Circuit, Barton ACT 2600.