Economics
Australia Faces Mid-2023 Capacity Squeeze on Infrastructure Boom
- Potential shortfall in jobs filled forecast to exceed 105,000
- Major public infrastructure will peak at A$52 billion in 2023
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Australia’s major infrastructure work is set to double in the next three years, opening up a potential squeeze in skilled labor and materials that could aid the Reserve Bank’s push to reach its inflation target.
Over the next three years, demand for materials will rise by an average 120% from the level now, and peak demand for skills will be 48% above supply, Infrastructure Australia forecast in its 2021 market capacity report released Wednesday. Major public infrastructure activity will peak at A$52 billion ($38 billion) in 2023, it said.