‘Record’ construction industry growth for Australia

By Andy Brown09 June 2022

The construction industry in Australia is expected to enjoy good growth

The Australian construction industry is predicted to see record growth of 4.3% in 2022 and a three year compound annual growth rate of 2.6% between 2023 and 202, according to a new report from GlobalData.

Australia held a general election in May in which a new Labor government was elected – it is expected that the new government will continue to invest in infrastructure. For example, Labor has committed to provide AUD$374.4 million to begin corridor acquisition and early works on a fast rail link between Sydney and Newcastle.

The line is expected to be the first phase in a future potential high-speed rail line between Sydney and Brisbane. Labor has also signalled its intention to support Melbourne’s AUD$36.7 billion Suburban Rail Loop development, committing AUD$1.6 billion towards the AUD$21.4 billion eastern section of the project.

“While the Labor government’s investment in transport infrastructure has yet to be fully outlined, it is expected to maintain much of the significant investment seen in the sector in recent years,” said Willis Rooney, economist at GlobalData.

“Measures to tackle climate change played a prominent role in Labor’s election campaign. Central to Labor’s climate strategy is its ‘Powering Australia Plan’, which outlines a comprehensive reduction of emissions and expansion of renewable generation by 2030.

“Significant opportunities within Powering Australia for the construction industry include the $15 billion ‘Rewiring the Nation’ policy, which aims to accelerate the construction of high-voltage infrastructure to accommodate a significant planned increase in large-scale renewable energy.”

It is expected that a total of 30,000 new social and affordable housing properties will be constructed over the next five years, funded by investment returns from the AUD$7.5 billion Housing Australia Future Fund.

The May-June issue of International Construction has an in-depth report on the Australian construction market. Click here to read the issue.

MAGAZINE
NEWSLETTER
Delivered directly to your inbox, World Construction Week Newsletter features the pick of the breaking news stories, product launches, show reports and more from KHL's world-class editorial team.
Longer Reads
Interview: Doosan Bobcat’s Gustavo Otero
Construction Europe’s Cat Jones meets the Doosan Bobcat president to discuss everything from new innovations to a new beginning for hundreds of Ukrainians
Doosan’s new grade of crawler dozers
Company seeks to deliver top power in crawler dozers in its latest move to become a full line equipment supplier
3D printing: New tech being used to build in Africa
Holcim subsidiary 14Trees is the first firm to use 3D printing to build schools and affordable housing in countries across Africa
CONNECT WITH THE TEAM
Andy Brown Editor, International Construction Tel: +44 (0) 1892 786 224 E-mail: andy.brown@khl.com
Simon Kelly Sales Manager Tel: +44 (0) 1892 786 223 E-mail: simon.kelly@khl.com
CONNECT WITH SOCIAL MEDIA