More good news for those in the construction industry has come in the form of a prediction from Reserve Bank Governor Glenn Stevens.
Stevens has predicted that the Australian housing construction market will experience a boom over the next few years. Speaking at a conference in Hong Kong Mr Stevens expressed his belief that the construction will be given a substantial boost because of the housing needs of the nation.
Mr Stevens also indicated that the Australian economy was switching from its dependence on mining to non-resources industries. Following his statements the Australian dollar jumped to its highest in 4 months.
Mr Stevens also went on to state:
“There are some people who think that Australia is in a bubble,” Mr Stevens said. “You can never be 100 per cent sure. But the price to income ratio has been around four times … for about 10 years, so a very long-running bubble, if it is a bubble. Most do not last that long.”
Mr Stevens also indicated that the Australian dollar was too high.
“The long-running equilibrium of the exchange rate is probably lower and we have been quiet consistent in saying that,” he said.
“It is worth giving some thought to where the currency was when terms of trade were soaring,” he said. ”We didn’t feel it was appropriate to try to limit that given the size of the event.
“When the terms of trade started to fall, we thought that was odd.
“Happily enough the currency is now well down off its peak. From here it really depends what you think the fundamentals will do.”
Regardless of the type of construction, there are risks involved. Even if the economy switches to a more residential construction dependent one, there is one aspect that doesn’t change – the need for safety.
A commitment to health and safety in the construction sector is vital to ensure that the continued growth of this industry. The first step in this commitment involves training workers on general health and safety. In the construction sector this health and safety training takes the form of the White Card – a nationally recognised accreditation which proves that a worker understands the laws concerning construction site health and safety.
While economists and analysts focus on productivity, we as members of the construction, those affected by it every day need to remember the main priority should always be safety.
Construction employers must ensure that safety takes the forefront on any construction site and that workers are reminded to be safety conscious at all times.
Ensuring a safe site begins with ensuring that everyone on site is mentally equipped to be there and is in possession of a White Card. This white card is proof that they have completed general construction industry induction training and are familiar with the hazards, risks associated with them and control measures involved with general construction work.
Employers must also ensure that they are providing their employees with a safe work environment and safe system of work. That involves providing them with proper site specific and addition training and supervision, as well as implementing the necessary control measures and safe work methods on the site.