Project Bank Account Forums
The Property Council’s sold-out Project Bank Account Breakfast Forums took place on Wednesday 3 April and Wednesday 10 April, at Gadens Law Firm in Brisbane.
Our expert panel answered industry questions related to the Queensland Government’s new Project Bank Account (PBA) model, which will require a set of three bank accounts, operating as a trust, to be established to guarantee subcontractor payments.
Jim Demack, Partner of Gadens, provided a presentation on Project Bank Account reforms, and what the industry should expect moving forward, speaking to the pilot year on government developments, and the framework’s likely future implementation for private projects.
Following Jim’s presentation, Kellie Williams, Director – Project Finance for Hutchinson Builders; Cameron Crichton, Partner – Financial Advisory and Restructuring Advisory for Grant Thornton; Ainslie Barron, Executive Director, Building Legislation and Policy for the Department of Housing and Public Works; and Malcolm Wilson, National Director of Property Credit for ANZ, were invited to the stage to participate in a panel discussion.
The Property Council has been a vocal opponent of the PBA reforms on the basis that they will create a significant new cost for the construction sector without resolving the underlying issue of industry insolvencies. Particular concerns have been outlined by the Property Council in relation to new legal obligations and responsibilities on project proponents.
Private sector implementation has been delayed until the Government has the opportunity to consider the recommendations of a review of the reform’s initial application to government projects, and the recommendation of the new Special Joint Taskforce into construction company collapses.
Factsheets and FAQs on the PBA reforms are available from the DHPW website.
Photos from the event can be found here.
The Property Council would like to thank all the speakers for sharing their insights with the audience, and Gadens for hosting the breakfast forum.