Construction industry insolvencies have marched up to a nine-year high, the latest figures from corporate regulator ASIC show, as the “Ponzi scheme” of an industry relying hand-to-mouth on cash flow cuts a swath through companies squeezed by rising costs and fixed-price projects.

Companies going into external administration for the first time rose to 1672 with the addition of a further 71 in April, Australian Securities and Investments Commission figures on Tuesday showed.