News from Mick

Project Bank Accounts

March 06, 2018

Hon. Mick de Brenni MP, Minister for Housing and Public Works

Ministerial Statement - Project Bank Accounts

6th March 2018

Mr Speaker,

In 2015, we came to government with a commitment to deliver security of payment reforms for the Queensland construction industry.

The Premier has said before – there is dignity in work.

But there is no dignity in being left unpaid for work you’ve done.

Mr Speaker,

Last week, the Palaszczuk Government implemented the first phase of a new trust account regime for major building projects.

Project Bank Accounts ensure progress payments are paid through a trust for head contractors and first-tier subcontractors.

And from 1 March 2018, Project Bank Accounts are now a requirement on all government building projects valued between $1 million and $10 million.

We have also established a strict compliance regime to ensure that funds flowing through PBAs can only be to pay those licensees that have performed the work – including penalties up to 2 years in prison.

PBAs are a giant step in reversing the damage caused by the previous LNP government’s policy of a self-reporting scheme for building companies.

Mr Speaker,

Today I can announce the first 3 government projects that benefit from the arrangements establishing Project Bank Accounts.

The Member for Nudgee will be pleased to know that a 10 apartment social housing project will be constructed in her electorate – and the estimated 73 workers building those homes will be protected by project bank accounts.

The Member for Traegar will be delighted to know that a replacement fire and rescue station will soon be built in Richmond – and an estimated 38 workers who will build this important public asset will be protected by PBAs.

And I am very pleased to advise the Premier, who I was proud to stand beside in November 2016 when she announced our commitment to establish PBAs to protect Queensland tradies, that an estimated 78 workers will be protected by PBAs as they construct a Community Centre in the electorate of Inala.

Mr Speaker,

The commencement of these arrangements will benefit the mums and dads, families, small business people out there having a go.

They just deserve to be paid for the work they have completed.

And this will go a long way to help ensure that all subbies are paid in full, on time, every time.