Australian construction giant Probuild may be forced to enter liquidation, with tradies called off worksites across the country.
The firm is behind several iconic recent builds, including the Melbourne Convention Centre and new Victorian Police headquarters, as well as Sydney’s new glass “Ribbon” building in Darling Harbour.
Workers were seen pulling equipment and tools from Cbus Property’s 443 Queen St project in Brisbane, with construction to cease by the end of today, The Australian reported.
“We were just told to pick our tools up because Probuild were pulling the pin on all their projects across Australia,” one worker told The Australian.
Another said workers had been left hundreds of thousands of dollars out of pocket due to unpaid bills.
“It is going to run into the millions, what tradies are owed,” they said.
The Melbourne-based firm is one of the largest construction companies in Australia, reporting revenue of $1.3bn last year.
However, lengthy delays have caused some projects to go well beyond budget and despite a pandemic-driven construction boom, the company turned a profit of just $4 million.
While Probuild directly employs just over 500 staff, there are fears for the impact on thousands more working as subcontractors.
A takeover bid by state-owned China State Construction Engineering Corporation fell through last year over concerns the federal government would intervene on national security grounds, according to The Australian.
At the time, a South African parent company to the Chinese firm, WBHO, said it remained “optimistic about the fundamentals of Probuild and its prospects in the Australian market.”
So far Probuild and reported liquidator, Deloitte have refused to comment.
