Despite a stagnating economy, the housing sector has continued to see growth since the GFC. HIA is forecasting that home renovations will stimulate up to $32 billion of economic activity in 2018.
As the construction sector continues to grow, the issues surrounding late payments are likely to continue to grow with it. With many tradies reporting that late payments are the single biggest cause of stress they face in their work. Tradies can spend up to 3 weeks per year chasing late payments.
The growth in home renovations is also likely to see homeowners continue to face their own challenges around ensuring the quality of the construction done. With most homeowners left with few avenues for recourse, once deposits are paid and construction gets underway.
TradeEpay offers a unique solution to the above problems as it guarantees a tradie’s payment at the outset of a project, and gives homeowners increased power to ensure that the work is being completed to the agreed standard at each stage of construction.
Read more in the HIA report here: