by Richard O'Leary
3 min Read Fri 14 Feb 25 4:00:00 PM
Subbies have come out swinging against the Queensland State Government’s decision to pause the future rollout of the Project Trust Account program.
Phase 3 of the program, which was expected to commence on 1 March 2025, was going to require public or private projects with a value of $3 million or more to have a Project Trust Account, as opposed to the current threshold of $10 million.
Les Williams, the retired Sunshine Coast building contractor who lost nearly $700,000 when Walton Construction collapsed in 2015 has attacked the changes which will see the delay of the rollout of Project Trust Accounts for projects under $10m, and a reduction in financial reporting for more than 50,000 builders.
“I think they’re atrocious,” Mr Williams said.
“They’re a sellout of every subcontractor in the state.”
After the Walton Construction collapse, Mr Williams led the fight for compensation through the courts to try and retrieve the $100 million the company owed to subcontractors.
He was also front and centre in the fight to get new laws to safeguard builders from the same thing happening again, which were introduced by the Palaszczuk Government in 2018.
“We fought very hard to get those introduced and now they’ve been scrapped,” he said, “It’s bad enough out there as it is getting paid.”
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