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New Financial Reporting Requirements for Contractors

Queenslanders working in the building and construction sector will soon have greater protection from the devastating impact of company collapses.

Minister for Housing and Public Works Mick de Brenni said new financial reporting laws, that take effect from 1 January 2019, are a key element of the Palaszczuk Government’s landmark security of payment measures. Click here to view the proposed improvements to the Minimum Financial Requirements for licensing in the building and construction industry.

“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.

“Making sure subbies 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 for Queenslanders.”

“This is the next step in delivering a comprehensive suite of security of payment reforms that ensure subcontractors are paid for the work they do – in full, on time and every time

“The reforms will restore requirements for licensees to report their financial situation to the Queensland Building and Construction Commission annually.

Mr de Brenni said that in 2014 the LNP weakened minimum financial requirement laws and put at risk thousands of construction jobs across the state.

“Since those changes were introduced, we have seen a litany of companies go to the wall,” he said.

“These new laws fix the mistakes made by the LNP, and in conjunction with other important reforms the Palaszczuk Government has introduced, will serve to protect our building and construction sector.”

Mr de Brenni said over 230,000 Queenslanders are employed in the State’s $46 billion building and construction sector.

“These reforms will improve prudential oversight for the QBCC to reduce this risk and to mitigate the impacts as much as possible,” he said.

The changes will see a return to annual reporting and a requirement for licensees to notify the QBCC of significant changes to their financial position.

Mr de Brenni said there will be further measures to improve accountancy standards and practices.   

“These changes have been developed in consultation with the industry to ensure they work well.”

Article supplied by Minister for Housing and Public Works, Minister for Digital Technology and Minister for Sport
The Honourable Mick de Brenni 29/11/2018

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