--- title: The Impact of Rising Interest Rates on Australia’s Construction Boom description: The Impact of Rising Interest Rates on Australia’s Construction Boom image: https://visualapprovals.com.au/hubfs/Imported_Blog_Media/Rising-Interest-Rates-1.jpg --- [![Visual Approvals](https://325503.fs1.hubspotusercontent-na1.net/hubfs/325503/Visual%20Approvals/Group%20483%20(1).svg)](https://visualapprovals.com.au/) - Platform - Learn - [Services](https://visualapprovals.com.au/services) - [Pricing](https://visualapprovals.com.au/pricing) [Contact Us](https://visualapprovals.com.au/contact-us) [Book a Demo](https://visualapprovals.com.au/book-a-demo) [Login](https://vahelp.zendesk.com/access/unauthenticated) [Contact Us](https://visualapprovals.com.au/contact-us) [Login](https://vahelp.zendesk.com/access/unauthenticated) [Book a Demo](https://visualapprovals.com.au/book-a-demo) ##### Learn ##### [![Why VA](https://visualapprovals.com.au/hubfs/1.%20Site%20Assets/Menu/Icons/Why%20VA.svg) Why Visual Approvals Simplifying building approvals by putting powerful software into the hands of building certifiers.](https://visualapprovals.com.au/why-va) ##### [![Blog](https://visualapprovals.com.au/hubfs/1.%20Site%20Assets/Menu/Icons/Blog.svg) Blog Explore the latest on building certification news, upcoming events and more.](https://visualapprovals.com.au/blog) ##### Help ##### [![Support](https://visualapprovals.com.au/hubfs/1.%20Site%20Assets/Menu/Icons/Support.svg) Support Exceptional support for your business from implementation throughout the ongoing use.](https://visualapprovals.com.au/support) ##### [![FAQs](https://visualapprovals.com.au/hubfs/1.%20Site%20Assets/Menu/Icons/FAQs.svg) FAQ’s Find simple answers to the common question you might have about Visual Approvals.](https://visualapprovals.com.au/faqs) ##### See Visual Approvals in Action, book a Demo. 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navigate council compliance with our pre-configured document templates.](https://visualapprovals.com.au/product/councils) ##### [![Feature Employees](https://visualapprovals.com.au/hubfs/1.%20Site%20Assets/Features/Employees/Icons/Feature%20Employees.svg) Employees Relevant, comprehensive employee information at your fingertips.](https://visualapprovals.com.au/product/employees) ##### [![Feature Documents](https://visualapprovals.com.au/hubfs/1.%20Site%20Assets/Features/Document%20Management/Icons/Feature%20Documents.svg) Document Management Simplify document management with automated templates.](https://visualapprovals.com.au/product/document-management) ##### [![Feature Emails](https://visualapprovals.com.au/hubfs/1.%20Site%20Assets/Features/Email%20Management/Icons/Feature%20Emails.svg) Email Management Streamline electronic email communication for every client.](https://visualapprovals.com.au/product/email-management) ##### [![Feature 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joined forces to streamline your finances.](https://visualapprovals.com.au/integrations/xero) [Industry](https://visualapprovals.com.au/blog/tag/industry) # The Impact of Rising Interest Rates on Australia’s Construction Boom August 21, 2023 1 Min read The New South Wales (NSW) Fair Trading is a government agency that aims to protect consumer rights and ensure that traders comply with regulatory requirements. This minimises financial harm that may come to customers due to the failure of businesses to comply with regulations. The NSW government has recently instituted reforms to enhance compliance with laws in the building and construction industry. The reforms, which will be starting with the class 2 buildings, are expected to restore confidence in the industry and ensure that apartments being constructed are reliable and trustworthy. Class 2 buildings are typically multi-unit or multi-storey residential buildings where people live below and above each other. ### NSW Fair Trading New Building Levy The NSW Fair Trading introduced a building levy scheduled to commence after 3 July 2022, aiming to recover the costs associated with ensuring compliance with the reforms. This article describes how it will affect the timing of the issuance of occupation certificates by building certifiers. ### What type of buildings will the levy apply to? The levy will apply to class 2 buildings or those that have class 2 components in them if the expected completion notice (ECN) is submitted or amended after 3 July 2022. When the work relates to the construction of a new building, part of a new building or the addition of storeys to an existing structure, the levy will be paid at each stage of the work that requires submission of an expected completion notice (ECN). - Sixty-nine percent of leaders are not using data for important decisions like pricing - Only 27% of them use data to inform strategy when entering new markets - Seventy-nine percent don’t use data to inform their diversity and inclusion policies - Only 22% use data to help guide their climate targets. ![shutterstock_1264316599 1](https://visualapprovals.com.au/hs-fs/hubfs/Visual%20Approvals/shutterstock_1264316599%201.png?width=817&height=398&name=shutterstock_1264316599%201.png) The levy will apply to class 2 buildings or those that have class 2 components in them. ### NSW Fair Trading New Building Levy The NSW Fair Trading introduced a building levy scheduled to commence after 3 July 2022, aiming to recover the costs associated with ensuring compliance with the reforms. This article describes how it will affect the timing of the issuance of occupation certificates by building certifiers. #### How will payment be made? Payment will be made via the NSW planning portal when the expected completion notice (ECN) is submitted as part of the intention to seek an occupation certificate (ITSOC). It is the responsibility of the person who submits. #### Final thoughts The new building levy introduced by the NSW Fair Trading will come into force after 3 July 2022. The rate of the levy will be mainly determined by the number of storeys being constructed at each. - Share - [![](https://325503.fs1.hubspotusercontent-na1.net/hubfs/325503/Visual%20Approvals/facebook%20Copy%203.svg)](https://www.linkedin.com/shareArticle?mini=true&url=https://visualapprovals.com.au/blog/an-update-on-the-nsw-fair-trading-new-building-levy-0-4) - [![](https://325503.fs1.hubspotusercontent-na1.net/hubfs/325503/Visual%20Approvals/facebook%20Copy.svg)](https://twitter.com/home?status=https://visualapprovals.com.au/blog/an-update-on-the-nsw-fair-trading-new-building-levy-0-4) - [![](https://325503.fs1.hubspotusercontent-na1.net/hubfs/325503/Visual%20Approvals/instagram-ic.svg)](https://instagram.com/home?status=https://visualapprovals.com.au/blog/an-update-on-the-nsw-fair-trading-new-building-levy-0-4) - [![](https://325503.fs1.hubspotusercontent-na1.net/hubfs/325503/Visual%20Approvals/facebook.svg)](https://www.facebook.com/sharer/sharer.php?u=https://visualapprovals.com.au/blog/an-update-on-the-nsw-fair-trading-new-building-levy-0-4) #### Read More ###### [Building Commission NSW - Building Certifier Audits](https://visualapprovals.com.au/blog/building-commission-nsw-building-certifier-audits) ###### [NCC 2022 Amendment 1 - Updates](https://visualapprovals.com.au/blog/changes-to-the-national-construction-code-ncc-2022-amendment-1) ###### [Optimizing Operations: Integrating your Building Approval Platform with Xero](https://visualapprovals.com.au/blog/integrating-your-building-approval-platform-with-xero) See VA in Action #### Book a Demo ![](https://325503.fs1.hubspotusercontent-na1.net/hubfs/325503/Visual%20Approvals/Rectangle%20175%20(Stroke).svg) ### Keep Reading #### [Industry News How Is The Construction Industry Managing Staff, Skill And Supply Shortages In Australia: Expectations vs. Reality Read More](https://visualapprovals.com.au/blog/managing-staff-skill-supply-shortages) #### [Mental Health Breaking Ground: Prioritising Mental Health in Australia's Construction Industry Read More](https://visualapprovals.com.au/blog/breaking-ground-prioritising-mental-health-in-australias-construction-industry) #### [Industry News Accessible Living Housing Standards for Australia's New Homes Read More](https://visualapprovals.com.au/blog/livable-housing-design-guidelines) ## See Visual Approvals in Action, Book a Demo Book a demo ![Group 483](https://325503.fs1.hubspotusercontent-na1.net/hubfs/325503/Visual%20Approvals/Group%20483.svg) #### Platform - [Overview](https://visualapprovals.com.au/product) - [Integrations](https://visualapprovals.com.au/integrations) - [VA vs the Competition](https://visualapprovals.com.au/compared) #### About - [About Us](https://visualapprovals.com.au/about-us) - [Pricing](https://visualapprovals.com.au/pricing) - [Blog](https://visualapprovals.com.au/blog) #### Support - [Support](https://visualapprovals.com.au/support) - [FAQs](https://visualapprovals.com.au/faqs) #### Contact Us - [Contact](https://visualapprovals.com.au/contact-us) - [Get a Demo](https://visualapprovals.com.au/book-a-demo) - [![facebook](https://325503.fs1.hubspotusercontent-na1.net/hubfs/325503/Visual%20Approvals/facebook.svg)](https://www.facebook.com/visualapprovals/?fref=ts) - [![facebook Copy](https://visualapprovals.com.au/hubfs/Visual%20Approvals/facebook%20Copy.svg)](https://twitter.com/visualapprovals) - [![facebook Copy 3](https://visualapprovals.com.au/hubfs/Visual%20Approvals/facebook%20Copy%203.svg)](https://www.linkedin.com/company/visual-approvals-pty-ltd/) - [Privacy Policy](https://visualapprovals.com.au/privacy-policy) [Support](https://visualapprovals.com.au/support) ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Test", "url" : "https://visualapprovals.com.au/blog/author/test" }, "dateModified" : "2023-08-21T05:03:45.300Z", "datePublished" : "2023-08-21T05:03:45.000Z", "headline" : "The Impact of Rising Interest Rates on Australia’s Construction Boom", "image" : [ "https://visualapprovals.com.au/hubfs/Imported_Blog_Media/Rising-Interest-Rates-1.jpg" ], "mainEntityOfPage" : { "@id" : "https://visualapprovals.com.au/blog/an-update-on-the-nsw-fair-trading-new-building-levy-0-4", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://visualapprovals.com.au/hubfs/VA%20-%20Primary%20Logo.png" }, "name" : "Visual Approvals" } } ```