BUSINESS NEWS: NSW government plans “very costly” buy-back of flood affected land
NSW Premier Dominic Perrottet has announced a property buyback scheme to help homeowners in northern NSW, as part of a “very costly” multi-billion dollar joint federal plan to protect the region against future floods. He was unable to put a price tag on the project. The flood damage is estimated to cost over $3 billion.
Built joins the Australian Constructors Association
The Australian Constructors Association (ACA) has announced its newest member with national tier one construction group Built joining members such as Multiplex, Lendlease and Icon. The ACA is a representative body working towards a more sustainability-focused construction industry, with safer working conditions and more diversity within its workforce.
ACA chief executive Jon Davies said this appointment expands the association’s influence in the vertical building sector and that this was an important step in improving sustainability within the industry.
“The association has a strong cohort of industry leaders committed to working collaboratively to improve the sustainability of the entire industry. Built has a reputation as a trusted partner for solving challenges and embracing change which makes its culture the perfect fit for the association.”
Built managing director and chief executive Brett Mason will join the ACA board. He commented that it is a tough time for the construction industry in Australia, and more collaboration is needed to overcome this.
“We need to see a lot more collaboration across the industry at all levels and with government to meet the challenges ahead. As a respected voice for industry, ACA is well placed to provide an efficient and effective way for government and other client groups to engage with industry on these issues.”
Price of concrete to rise, as Adbri shares fall $300m
Australia’s second largest supplier of concrete, cement, sand, and gravel, Adbri, has suffered a share price fall of up to 19 per cent. This wiped $300 million off its market value, which the company said was due to wet weather disruptions and high energy prices.
The company said that to keep up with inflation it will increase prices for the third time this year on 1 September. The group has also shifted its business away from housing construction and towards infrastructure and mining to cope with inflation.
Bank Australia to cease lending for new fossil fuel cars
Bank Australia has announced that from 2025 it will no longer provide car loans for new fossil fuel-powered vehicles. Announcing the commitment at the National EV Summit on 19 August in Canberra, chief impact officer Dr Sasha Courville said supporting the shift to electric car use will be vital to decarbonisation efforts.
“By ceasing car loans for new fossil fuel vehicles, we are sending a signal to the Australian market about the rapid acceleration in the transition from internal combustion to electric vehicles we expect to see in the next few years,” Dr Courville said.
“We’ve chosen 2025 because the change to electric vehicles needs to happen quickly, and we believe it can with the right supporting policies in place to bring a greater range of more affordable electric vehicles to Australia.
The bank will continue to offer loans for second hand fossil fuel vehicles “until there is a viable and thriving market for electric vehicles,” she said.
Banksia awards for sustainability entries open
Entries into the National Banksia Sustainability Awards are open for entries, calling on people and organisations working towards a net-positive future. Australia’s longest-running sustainability awards recognises leadership in biodiversity, climate change, and First Nations people, searching to award diverse winners in over 15 categories.
Banksia Foundation chief executive Graz van Egmond said there is keen interest in efforts to regenerate nature, accelerate climate action, and recognise First Nations people.
“The latest State of the Environment report, a bill for a climate target in the Australian Parliament, and a proposal for a First Nations Voice in the Constitution are raising the urgency for leadership on these issues.
“It’s time to amplify the positive impact of champions for sustainable development in Australia… We seek to recognise those changemakers who are leading us to a better future.”
Entries close 13 December.