Andrew Kelly

BIF Act Update: Commencement of security of payment changes moved from 1 July 2018 to 17 December 2018

Andrew Kelly

12 June, 2018

Security of payment

The Queensland Government announced today a change to the roll out of the security of payment elements of the Building Industry Fairness (Security of Payment) Act 2017 (Qld) (BIF Act).

On 1 March 2018, the Queensland Government announced that BIF Act provisions relating to significant changes to the security of payment regime (including payment claims, payment schedules and the adjudication process) would commence on 1 July 2018 (click here to read our previous articles on the BIF Act).

Today however, the Queensland Government indicated that the security of payment provisions in the BIF Act will now commence on 17 December 2018.

In addition to a change of date for the commencement of these new laws, the Queensland Government established the Building Industry Fairness Reforms Implementation and Evaluation Panel to assess the implementation of the BIF Act, in particular an assessment of the success or otherwise of project bank accounts in the government sector.  A discussion paper will be released for industry consultation in the coming weeks.

The Queensland Government also announced that it will release an approved regulation for Minimum Financial Requirements for licensing on 1 January 2019.