Clifford Gouldson Lawyers

Reforms coming for Security of Payments Arrangements

Print Version

13/12/2016

The Palaszczuk Government has announced that it is preparing new laws to introduce changes to the Queensland Building and Construction Industry, focusing on securing payment for subcontractors.
 
Key reforms are likely to include the introduction of Project Bank Accounts for construction projects over $1m and may also include the introduction of Retention Trust Funds and amendments to the Building and Construction Industry Payments Act.
 
These reforms come off the back of a report prepared by Deloitte, a copy of which can be found at http://www.hpw.qld.gov.au/SiteCollectionDocuments/SecurityOfPaymentDeloitteReport.pdf.
 
We will provide you with further details of these reforms as more information is released.

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