The number of subcontractors and small business owners attending road shows across Queensland to publicise the Housing and Public Works Department’s Security of Payment Discussion Paper has been low.
Subcontractors and small business owners have until Thursday, March 31 to lodge their views by email to: firstname.lastname@example.org or by post to: Security of Payment Discussion Paper, GPO Box 2457, Brisbane, Qld, 4001.
The road show series began in mid-February and ends on March 17 in Rockhampton.
The discussion paper has a series of options for the public to consider:
• Option 1—Project bank accounts: A project bank account facilitates simultaneous payments of a project’s head contractor and all participating subcontractors through a trust arrangement.
• Option 2—Retention trust fund scheme: This option requires subcontractors’ retention money to be held in a separate trust account.
• Option 3—Insurance schemes: This option includes a range of insurance schemes to safeguard against defects, late completion and insolvency of contractors.
• Option 4—Federal legislative changes: This option seeks to lobby the Commonwealth Government for reform to legislation relating to security of payment.
• Option 5—Education: This option proposes education for the building and construction industry stakeholders regarding matters such as financial management, contract management and protection of their rights.
The discussion paper also seeks feedback on the 2014 amendments to the Building and Construction Industry Payments Act 2004, as well as the Subcontractors’ Charges Act 1974 and the Queensland Building and Construction Commission’s Minimum Financial Requirements Policy.
Visit: www.hpw.qld.gov.au/construction/BuildingPlumbing/Building/Pages/SecurityPaymentSubcontractors.aspx to download the survey or seek more information.
If you have any questions regarding the discussion paper, please email: email@example.com.
Subcontractors should note that they are subject to the terms of the Queensland Government Privacy Act and their names will not be made public as a result of completing the survey.