The Queensland Government has announced plans to introduce new laws to protect Queenslanders working in the building and construction industry from the devastating impact of company collapses.
Minister for Housing and Public Works Mick de Brenni said the new financial reporting laws, which will come into effect from 1 January 2019, are a key element of the Government’s landmark security of payment measures.
“At the last election, I promised to right the wrongs of the past and strengthen laws that will help ensure Queensland’s small businesses are paid in full, on time, every time,” Mr de Brenni said.
He said making sure subcontractors and suppliers are paid for the work they perform means industry can stop wasting time chasing late or unpaid invoices and can instead focus on growing their businesses and creating jobs.
Presently, over 230,000 Queenslanders are employed in the state’s $46 billion building and construction sector. The new laws are the next step in delivering a comprehensive suite of security of payment reforms.
“The reforms will restore requirements for licensees to report their financial situation to the Queensland Building and Construction Commission (QBCC) annually,” the Minister said.
Mr de Brenni said these reforms will improve prudential oversight for the QBCC to reduce this risk and to mitigate the impacts as much as possible.
They will also see a return to annual reporting and a requirement for licensees to notify the QBCC of significant changes to their financial position.