by BILL HOFFMAN 26th Mar 2019 5:00 AM
Subscriber only
THE state's building regulator has received financial reports from only 171 of 855 licensees required to submit them by midnight Sunday as part of a Palaszczuk Government drive to improve payment security in the construction sector.
Many of the licensees were large multi-national companies operating across Australia.
The new rules apply to Queensland Building and Construction Commission (QBCC) category 4 to 7 licences for big building companies with annual revenue of more than $30 million.
By the end of 2019, under the laws which took affect on January 1, every other licensee in the industry will be required to meet the new financial reporting rules.
"These new requirements help the QBCC to monitor the viability of licensees. Viable construction companies offer better stability for the industry and improve the security of payment for subbies and suppliers," QBCC commissioner Brett Bassett said.
Leave a Reply
You must be logged in to post a comment.