Helped by its massive natural resources, Australia has weathered the global financial crisis better than other Group of 20 economies. In 2012, its economy grew 3.1 per cent, compared with 1.6 per cent in the United States and 1.1 per cent in Canada.
ICAC urges builders' clean-up
The construction industry must reform and combat bribery if it wants to remain competitive, an adviser to the Independent Commission Against Corruption (ICAC) said yesterday.
'There is an urgent need for change. Whether evolutionary or revolutionary, it demands a concerted effort on the part of all industry participants,' corruption prevention advisory committee chairman Cheng Yan-kee said.
Speaking at an ICAC-organised seminar for members of the construction industry following the recent building scandals Mr Cheng said site supervision was inadequate.
'Contractors, clients as well as consultants need to strengthen site supervision and quality control testing,' he said.
Another speaker at the seminar suggested cut-throat competition between contractors was a source of corruption.
Martin Tam Tin-fong, representing the Real Estate Developers Association, accused some contractors of setting out to win contracts without paying enough attention to financial implications.
'High cost, low bidding price and minimal profit can lead to corruption,' Mr Tam said.