Australian construction woes set to continue as builders brace for further insolvencies
Rising inflation, trade shortages and supply chain issues predicted to place more at risk of defaulting
2 min
The risk of Australian construction businesses defaulting has increased for the next 12 months, a credit risk assessor White Paper has revealed.
The September 2022 CreditorWatch Business Risk Index shows that while B2B defaults dipped last month, they are still well above 2021 levels. Recent default levels are a strong indicator of future defaults.
CEO of CreditorWatch Patrick Coghlan said in the company’s White Paper that their analysis had noted in October 2021 that Probuild, one of Australia’s largest construction companies, was at serious risk of defaulting. The company collapsed in late February with $5 billion worth of projects in the pipeline.
Coghlan noted that despite some positive signs, including increases in B2B trade activity and credit enquiries earlier in the year, continued supply chain issues, trade shortages and rising inflation still placed builders at risk.
As a major employer, any downturn in the construction sector has serious implications for the wider economy, he said.
“A healthy construction sector is vital to a strong economic recovery and ongoing growth. The industry employs roughly nine per cent of Australian workers, putting it behind only healthcare, retail and professional services in terms of employment numbers.”
While CreditorWatch noted according to their own March 2022 report that the construction industry has a low probability of default at 3.9 percent, the outlook for the next 12 months is concerning.
James O’Donnell, CEO of Open Analytics says some big players have already fallen, giving all those in the construction sector – large and small – pause for thought.
“We have seen some big-name failures in recent months and the fallout from these events on smaller players is yet to be fully realised,” he says. “Cost pressures and compressed margins don’t appear to be going away soon, so expect more insolvencies in this sector over the next 12 months.”
Early indications from several big regional real-estate boards suggest March was overall another down month.
Art can transform more than just walls—it shapes mood, evokes memory, and elevates the everyday. Discover how thoughtfully curated interiors can become living expressions of personal meaning and refined luxury, from sculptural furniture to bespoke murals.
Art can transform more than just walls—it shapes mood, evokes memory, and elevates the everyday. Discover how thoughtfully curated interiors can become living expressions of personal meaning and refined luxury, from sculptural furniture to bespoke murals.
4 min
Art can transform more than just walls—it shapes mood, evokes memory, and elevates the everyday. Discover how thoughtfully curated interiors can become living expressions of personal meaning and refined luxury, from sculptural furniture to bespoke murals.
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Artful Abundance: The Sophisticated Joy of Artful Interiors
Imagine a hushed hospital corridor, its sterile walls awash in the glow of flickering fluorescent lights. In that unexpected moment, a solitary Monet painting emerged—a luminous tableau of delicate lilies dancing in quiet defiance.
As the clinical austerity yielded to the graceful presence of art, this single work transformed into a vessel of solace and hope amid overwhelming uncertainty.
That moment continues to resonate with me—a vivid reminder that art transcends mere aesthetics to become a profound catalyst for emotional healing and inspiration. It is this transformative experience that fuels my passion as a biophilic interior designer.
I create environments where every element, from bespoke murals to sculptural installations, harnesses art’s power to elevate the human spirit, spark creativity, and enrich lives. Let us journey together into the world of luxurious interiors that define modern elegance.
2. Art as Wellness: A Daily Ritual of Rejuvenation
At its core, art is a daily ritual that renews both mind and spirit. Scientific research consistently confirms that nature-inspired art reduces stress, lowers blood pressure, and kindles creativity.
The simple act of beholding a tranquil landscape or a subtle floral motif transforms your space into a private retreat, offering solace amidst a hectic world.
In my practice, I meticulously select artworks chosen not only for their aesthetic appeal but also for their potent, therapeutic benefits.
Each piece serves as daily inspiration—a quiet invitation to experience calm and well-being. For example, our Hilton project demonstrates how hospitality resorts integrate nature-inspired art not only for its visual impact but also as a medium of healing; here, a collaboration with a local artist produced a masterful installation that functions both as a statement piece and a source of well-being.
3. Bespoke Brilliance: Celebrating Your Unique Narrative
Luxury design is profoundly personal. Bespoke art transcends mass-produced décor by capturing your unique story—whether through a custom mural reminiscent of your favourite botanical garden or silk wallpapers that evoke the allure of exotic landscapes.
Each personalised creation turns your walls into a living narrative of cherished memories and distinctive taste. Consider how a thoughtfully designed space can reflect your individuality and elevate your living experience.
4. Sculptural Elegance: Redefining Spatial Dynamics
Art is not confined to two dimensions. Three-dimensional sculptural works bring vitality to interiors by adding depth, texture, and tactile allure.
Picture a gracefully sculpted piece—a marble table echoing the gentle rhythm of ocean waves or a repurposed bronze branch serving as an elegant room divider.
Such statement sculptures command attention while seamlessly integrating form with function and providing a natural conversation starter in any refined space.
5. Architectural Artistry: When Structure Meets Art
A truly sophisticated home elegantly merges art with architecture. Imagine a residence where bespoke staircases curve with elegance, where hand-carved wooden doors evoke the intricate beauty of nature, and where expansive windows frame breathtaking vistas.
In these spaces, every architectural detail contributes to a cohesive canvas of artistic expression. As you envision your own home, consider how your surroundings can be thoughtfully designed to reflect both beauty and purpose.
6. Furniture as Functional Art: Merging Practicality with Mastery
In luxury interiors, even the functional becomes exceptional through artful design. Consider a one-of-a-kind, hand-carved pink marble swivel chair—a masterpiece where practicality meets refined craftsmanship.
More than just a piece of furniture, this chair sparks conversation and serves as an emblem of creative innovation and exclusivity.
Let this be a symbol of how every element in your home might reflect your dedication to exquisite artistry.
7. Digital Sophistication: The Future of Artistic Expression
In an age defined by rapid technological advancement, digital art installations offer a contemporary twist on traditional forms.
High-resolution displays now present dynamic landscapes—a cascade of waterfalls, the quiet majesty of a forest, or a serene digital ocean vista—that adapt and evolve with your environment.
This modern element seamlessly aligns cutting-edge technology with timeless aesthetics, ensuring your space remains as innovative as it is elegant.
8. Luxurious Textiles and Furnishings: The Essence of Understated Elegance
Luxury is often revealed in the details: the textures, colours, and fabrics that together create a haven of understated splendour.
Bespoke silk cushions with intricate botanical embroidery, sumptuous velvet throws that evoke tropical charm, and bedding that mirrors the ethereal beauty of cloudscapes all contribute to an atmosphere of refined elegance and comfort.
Every tactile detail is chosen to evoke warmth and stand as a testament to your taste for excellence.
9. Refined Heritage: Honouring Timeless Craftsmanship
In the realm of luxury, tradition and modernity exist in perfect harmony. Integrating timeless antiques—such as a rare Vladimir Kagan couch or a coveted Hans Wegner chair—with contemporary design creates a dialogue that honours both heritage and innovation.
These storied pieces carry with them a legacy of masterful craftsmanship, adding layers of significance and depth to your living environment. They remind us that true elegance is built upon a foundation of enduring quality.
10. The Art of Personal Meaning: Crafting Your Legacy
Ultimately, art is the language through which you express your unique legacy.
Every carefully chosen piece reflects a part of your personal journey, turning your living space into a narrative as emotionally resonant as it is visually stunning.
It imbues your environment with memories, aspirations, and the essence of who you are—a living masterpiece that evolves with time.
Reflect on how these elements might not only beautify your home but also stand as timeless expressions of your personal story.
Now is the moment to immerse yourself fully in the joy of art. Elevate your surroundings and transform your residence into your greatest masterpiece.
Your heart, your legacy, and your space deserve nothing less than extraordinary artistry.
Ozge Fettahlioglu is the founder of Cocoplum | Biophilic Design Studio and Boxareno | Custom Modular Constructions. A wellness and biophilic design leader, she creates bespoke spaces that inspire, heal, and elevate daily living. Ozge is also a board member of Biophilic Cities Australia.
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