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The demise of Australia's construction industry was caused by speculation and greed, major developers argue, with more builders tipped to collapse over the next 18 months, leaving consumers in significant trouble.
Liquidators claim a major property group took deposits from hardworking Aussies as commission fees after a construction firm collapsed - with more than $30million owed to creditors.
The Reserve Bank of Australia warned in October 2019 the construction industry was going to go bust after enjoying a boom between 2012 and 2017.
Building firms are crashing, throwing countless workers out of work and owing millions of dollars to home buyers, contractors, suppliers and workers.
Another major property developer has collapsed into receivership, threatening the redevelopment of the $600 million historic Nylex site on Melbourne’s Yarra River.