Overall, the Australian construction and trade industries haven’t copped the brunt of COVID-19 restrictions…yet.
With physical distancing, health checks and mandatory quarantine for travelling construction and trade contractors, tradies and construction workers are generally still allowed to continue building up the economy.
When it comes to the Australian construction and trade firms, however, the outlook is more uncertain.
In 2020 and Australia’s economic unknowns – it may be difficult and confusing to navigate your business accounting needs.
Read more from Crest Accountants on the regulations and industry specific accounting advice from your Gold Coast Accountant.
A look into Australian construction and trade in 2020
Just last year, the construction industry accounted for 9% of all jobs and this was rising. Construction generates over $360 billion in revenue for Australia, with only healthcare and retail outperforming it.
But in the blink of an eye, a health crisis changed all that.
In 2020, the job security of many in the construction and trade industries are disappearing or in serious doubt for the foreseeable future.
The bad news:
- Less work for tradies and temporary closings of construction companies
- Complete shutdowns of some construction companies, and
- An uncertain future for many Australian construction and trade workers.
The good news:
- Australian economic stimulus packages rolled out to combat financial stress
- Tradespeople are exempt from the two-person ‘visitor’ rules, and
- Industry specific Gold Coast Accountants are available for real-time, transparent solutions.
Now more than ever, help from your Gold Coast Accountant is crucial for understanding your financial situation for security and peace of mind.
Crest Accountants are still open and striving to help people like you in the construction and trade industries through economic uncertainty, ensuring a better financial footing for when it passes.
The challenges and outlook of construction and trade
The challenges in the construction and trade industries will become apparent within the coming months, if not already.
Here’s what to expect:
- Debilitated supply chains for construction materials
Luckily, this is only envisaged for the short-term, with chain recovery expected for the latter half of the year.
- Stalled homebuyer/builder activity, and renovation projects.
Fortunately, the $130 billion economic stimulus package will subsidise the wages of many workers affected in the construction and trade industry.
Also, many businesses are adapting to COVID-19 restrictions, such as builders offering online galleries and video walk-throughs of home and building designs.
The effects may be a headache in the present and foreseeable future, but the Australian Government and your trusted Gold Coast Accountant are doing what they can to keep businesses and livelihoods like yours afloat.
How your Gold Coast Accountant can help
At Crest Accountants, we understand right now is difficult for many Australians. We feel like we’re on a sinking ship and sailing into unknown seas. However, your Gold Coast Accountant can be your lighthouse, providing a beacon of hope and navigating you to higher ground.
Our industry specific accounting services ensure we find solutions for you to stay afloat and rise above the current economic challenges.
Trust Crest Accountants to offer transparent accounting solutions that are tailored to your individual position and role in the construction and trade industry.
Need help knowing where you stand in the construction and trade industry?
Contact Crest Accountants today for trusted and trade-specific accounting advice and solutions during COVID-19 and beyond.
Disclaimer: This news post is intended to provide a general summary only; it is subject to change and should not be relied on as a substitute for professional advice.
