Australia’s Largest Home Builder Rebuts Insolvency Reports

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Australia’s largest home building company Metricon Homes has announced that it is still in a strong position when confronted with reports about its insolvency. The company officials had a meeting with Victorian Treasurer Tim Pallas on May 19, and Metricon chief executive Peter Langfelder affirmed that everything was normal. “We’re always in contact with government,” he told reporters. “We had a fantastic engagement with them. Very positive for us and generally for the industry.” At the same time, the treasurer said that the Victorian government would continue to discuss the factors impacting the construction industry with Metricon and other companies. “We understand the pressure on builders on the eastern seaboard due to increases in costs and the impacts this is having on the construction industry and residential clients,” the treasurer said in comments obtained by AAP. “The government will continue to work constructively with the industry to help address these challenges.” Earlier on May 18, Langfelder refuted the news that the company was going into insolvency and said it was still viable. Langfelder noted that Metricon Homes had fully paid all of its traders and suppliers on time and received support from banks. Read more.