Security of payment
Queenslanders who work in our building and construction industry make an invaluable contribution to our communities and the economic prosperity of our state. They deserve to be paid for the work they do.
The Queensland Government led the way with security of payment reforms through the Building Industry Fairness (Security of Payment) Act 2017 (the BIF Act). Major reforms in the BIF Act included the introduction of Project Bank Accounts (PBA) and improvements to adjudication.
Following the recommendations of the Building Industry Fairness Reforms Implementation and Evaluation Panel and Special Joint Taskforce, the Government introduced the Building Industry Fairness and Other Legislation Amendment Bill 2020 (the BIFOLA Bill) into the Legislative Assembly on 5 February 2020.
The Building Industry Fairness (Security of Payment) and other Legislation Amendment Bill 2020 continues the government’s security of payment reforms to:
- rename Project Bank Accounts to trust accounts and undertake phased implementation of the revised trust account framework to the private sector.
- require a head contractor to provide a supporting statement to the principal stating that all subcontractors have been paid, and if they have not been paid, the reasons for this
- provide more protection to contractors, in particular head contractors by enabling a claimant to make a withholding request if they are not paid an adjudicated amount. A head contractor will be able to lodge a withholding request against a financier.
- enable a head contractor to place a charge on land when they are not paid an adjudicated amount, if the respondent owns the land on which the building took place
- introduce an offence for underpayment of a scheduled amount
Read about these reforms to protect contractor payments:
- Progress payment changes
- Adjudication changes
- Subcontractors’ charges changes
- Retention requirement changes
- Project Bank Accounts
- Minimum financial requirements
For information about how to comply please see the Queensland Building and Construction Commission.
Contact us with any queries at firstname.lastname@example.org.
- Last updated:
- 29 May 2020