How does global trade play a role in the building industry?
In the era of globalisation, products and services are shared amongst the international ...
In the era of globalisation, products and services are shared amongst the international community.
Opportunities for economic development also cross borders - Australian companies have been buying land and investing in property overseas and many foreign countries do the same in Australia.
There are many benefits of trading with countries all over the world, such as more choice, less-expensive materials and market expansion.
But, along with all of the advantages of interconnectivity, there are also a few disadvantages.
For example, it is not always possible to trace the origin of foreign-made products and is therefore difficult to determine if it meets Australian standards.
The Housing Industry Association (HIA) has found this to be an issue in the residential property sector.
"The problem of non-genuine and non-tested building materials and components making their way into in residential building is growing," said HIA managing director Shane Goodwin.
Concerned that the compliance rules have been outpaced by changes in the economy and not enough attention has been given to "how or where products are manufactured or sourced", Mr Goodwin suggests corrective action.
"Our message is that it's just not worth the risk of using inferior materials and components."