BIF Act: The landscape changes again
"WHAT NOW! ", we hear you say.
Late November 2019, the BIF Implementation and Evaluation Panel delivered its assessment of the reforms in the BIF Act to date. The Queensland Government's response to the assessment (December 2019) was to accept the panel's recommendations. A draft Bill has now issued and will be passed by 1 April.
The report, the Government's response and the Bill cover changes to the Project Bank Account regime (Chapter 2, BIF), the adjudication process (Chapter 3, BIF) and the QBCC Act.
Among the changes, from 1 July, the first tranche of reforms will include the application of a revised Project Bank Account regime to State Government projects > $1M. Further tranches quickly follow so that by 1 July 2022, PBAs will apply to all building projects over $1M (both private and public sector).
Join DWF's Lex Orange and Master Builders' Tracey Wood for a seminar which will capture for you:
Throughout the process, Tracey has been making representation on behalf of the industry peak body, Master Builders' Queensland and Lex has been involved both with Master Builders and also with the preparation of submissions for both clients and industry bodies.
We hope you can join us.