Breaking News – Security of Payment Update
On 22 August 2017 the Building Industry Fairness (Security of Payment) Bill 2017 was introduced to the House by Mick de Brenni, Minister for Housing and Public Works and Sport.
This is a massive piece of legislation that sets itself the audacious challenge of changing how the building and construction industry pays its subcontractors and suppliers so that payment for those at the end of the payment cycle have some security.
We congratulate the Department and the Minister for pulling together the 217 page Bill in a relatively short period since the last consultation in March 2017 and for its intention to make the building and construction industry a fairer and better place to work for subbies.
We look forward to reading it and providing submissions.
Please note that submissions on the new Bill are due on 7 September 2017. So not much time to ponder those 217 pages!