A sailboat travels past the under construction Crown Resorts Ltd. Barangaroo South luxury hotel resort and One Barangaroo Crown residences development, center, in Sydney, New South Wales, Australia, on Sunday, March 1, 2020. Crown billionaire James Packer has endured blow upon blow for more than three years: a bruising clash with Chinese authorities and at least two aborted deals with suitors.
SYDNEY: Australia’s commercial construction activity will collapse as the impact of Covid-19 wipes out private demand for new building works, a national industry body said.
Master Builders Australia expects commercial building activity to be 15.7% lower in the fiscal year to June 30,2021, than it previously was forecasting, according to an e-mailed statement from the body. The group predicts a decline of 11.5% from prior estimates for the 12 months ending mid-2022.
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