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More construction giants to fold as 'perfect storm' hits building sector

More large Australian construction companies will fail this year, a building insolvency expert has warned, with thousands of sub-contractors, tradies and would-be new homeowners the vulnerable victims.

Andrew Spring, partner at building insolvency specialist Jirsch Sutherland, said it "wasn't surprising at all" to see two tier-one construction firms go bust in quick succession after Christmas, given the serious headwinds the sector is now facing.

He said it was "a definite possibility" other construction giants would follow Probuild and Condev into liquidation, creating a potential "domino-like effect" for sub-contractors and tradies who will be left out of pocket and saddled with debt.

Nikki and Daniel Jacobson signed a contract with now-collapsed Privium in November last year with construction meant to begin in January. The family of five were told they'd be able to move in within nine months.

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"The industry is in a really difficult position at the moment," Mr Spring told 9news.com.au, predicting that the tough times would likely stretch into 2023 because "it does take time for the full weight of these sort of (major) insolvencies to come home all the way down the chain".

Hopeful homeowners who had the misfortune to pick the wrong construction company won't escape the financial bomb.

Queensland couple Nicole and Daniel Jacobson have been forced to shell out an extra $130,000 to finish their home, after the building company they signed with, Privium Group, suddenly collapsed.

Affected by a construction company collapsing? Email data, down 27.9 per cent from December.

"The decline was much larger than economists had expected," Diana Mousina from AMP Investments said.

January approvals were 24.1 per cent lower compared to a year ago.

Ms Mousina predicted approvals would "track sideways" over the next few months, adding the reopening of Australia's international border should result in positive approval activity on a 12-month horizon.

NSW Premier taking leave after birth of seventh child

New South Wales Premier Dominic Perrottet will take two weeks of parental leave after the birth of his seventh child.

The leader said he will leave Deputy Premier Paul Toole in charge as Acting Premier. Stuart Ayres will assume the role of Acting Leader of the Parliamentary Liberal Party.

Mr Perrottet will be back to work on Monday, April 4, but said he will return earlier if needed.

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NSW Premier announces birth of baby girl.

"Given the current flood emergency I will continue to receive briefings on the response and recovery work and remain ready to return to official duties immediately should the need arise," Mr Perrottet said.

Mr Perottet announced the birth of the "beautiful" baby girl last night.

Her name is Celeste Grace Perrottet.

"Helen and I are absolutely thrilled to welcome our beautiful baby girl, Celeste Grace Perrottet, born last night," the premier wrote on Facebook.

"Both Mum and baby are doing well.

"She's looking forward to being kissed and cuddled, fought over and cherished by her big brother and sisters."

Mr Perrottet has six other children: Charlotte, Amelia, Annabelle, William, Harriet and Beatrice.

The 39-year-old father was sworn in as NSW's 46th premier last October following the shock resignation of Gladys Berejiklian.

Oligarch's yacht stranded because Norwegians refuse to refuel it

A 68-metre megayacht purportedly owned by a Russian oligarch is stranded in a Norwegian harbour because locals refuse to allow it to be refuelled.

The MY Ragnar is reportedly owned by former KGB agent Vladimir Strzhalkovsky, who is close with Vladimir Putin.

Although Mr Strzhalkovsky is not on any sanctions list, Norwegian fuel suppliers are refusing to refuel it.

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The MY Ragnar is a five-storey high megayacht.

As a result, the Ragnar remains docked in Narvik, a fishing port in the north of Norway.

The yacht's captain Rob Lancaster, a Briton, has vented at the crew's treatment in a message stuck on a post in Narvik harbour.

"It is OK to fuel the Russian fishing fleet and allow them to operate in Norwegian waters and ports unhindered as this makes up 20 per cent of Northern Norway's economy," he wrote.

"However, they are happy to discriminate against this yacht for publicity in the current climate."

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Vladimir Strzhalkovsky is a wealthy Russian nickel magnate close to Vladimir Putin.

He wrote the discrimination towards the crew was "extremely unjust".

Mr Strzhalkovsky made his fortune in the nickel mining industry.

The yacht was put on the market last year for around $116 million, but has not yet sold.

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The Ragnar megayacht has many luxurious features, its website says.The Ragnar megayacht is available for charter for those with enough money.

The superyacht is a custom-built luxury vessel adapted from an ice-breaking service ship.

The five-storey vessel is available for charter voyages.

Its website touts its well-equipped gym, glass-bottom pool, top-deck jacuzzi and spa.

Its home base is in Malta in the Mediterranean.