Security of payment
The Queensland Government implemented security of payment reforms in the building and construction industry through the Building Industry Fairness (Security of Payment) Act 2017.
Security of payment reforms are aimed at addressing significant issues faced by industry contractors and subcontractors around prompt and fair payment for their completed work.
Key aspects of the reforms are:
- trust account framework
- retention requirements
- progress payments
- resolving payment disputes
- minimum financial requirements
Learn how to comply with security of payment laws on the Queensland Building and Construction Commission website.
Amendments
The Building Industry Fairness (Security of Payment) and Other Legislation Amendment Act 2024 was passed by the Legislative Assembly on 16 April 2024 to clarify and simplify the trust account framework.
The Act is supported by the Building Industry Fairness (Security of Payment) and Other Legislation Amendment Regulation 2024.
These reforms have been regularly evaluated and the Act amended to reflect recommendations and industry feedback.
The amendments do not introduce any new requirements. They have been made to support industry by reducing complexity and the cost of compliance with the trust account framework while maintaining important protections.
The amendments commenced on 1 July 2024.