Prime Minister Scott Morrison has flagged the possibility of new home construction and major renovation projects getting cash grants under a federal government coronavirus recovery plan to boost the construction sector.
Highlights:
*Construction industry set to get cash grants
*The construction Industry expects a decline of between 40 to 50 per cent
*450 thousand people directly employed in construction
Speaking at a press conference in Sydney on Monday to launch construction work on a new airport metro line, Mr Morrison said his government was committed to helping out industries that may be struggling.
"When the coronavirus first hit is we ensured we laid down the strongest safety network and platform to ensure Australians could be supported during the economic crisis. JobKeeper, JobSeeker, a safety net for Australians, broad-based. Now, as time goes on, there are sectors who will endure more of the pain for longer and what we've seen, there'll be gaps that occur in our economy and house building, residential construction will be one of those gaps that we have to address.
Master Builders Australia's chief executive Denita Wawn has welcomed any moves to increase support for the construction industry.
"Well, we've forecast based on the 1990s recession that if you see unemployment in this country hitting over ten per cent then the likelihood is you'll see the decline of construction between 40 to 50 per cent. That means a decline in jobs 23 by around about 450 thousand people directly employed in the industry, which is a massive drop in employment and also it has its long term bearing on other industries that we rely upon as well."
The federal government has unveiled a three-phase plan to ease coronavirus restrictions in the coming months and it's up to the states and territories to determine when to ease restrictions.
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