Construction giant on verge of financial collapse

Construction giant Probuild is reportedly set to go into administration.

Tom Elliott received multiple tip-offs to the news in the lead-up to Wednesday’s program.

Subcontractors have been spotted removing equipment and tools from Probuild building sites.

“They have a massive slew of projects around Australia,” Tom Elliott said.

“It will send shivers down the spine of the building and property development industry, because Probuild is one of the big and very reputable builders.”

Press PLAY below to hear Tom Elliott react to the news

Matthew Kandelaars, CEO of the Urban Development Institute of Australia, Victoria, told Tom Elliott he wasn’t in a position to confirm any news about Probuild but the reports were “consistent” with the financial strains much of the building and construction industry was facing.

“The industry has been under significant pressure for some time,” he said.

A surge in new jobs, combined with price rises and shortages of materials, have all been blamed for creating the issue.

Press PLAY below to hear what’s causing issues

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