Project Trust Account Delay

  • Project trust account rollout delayed 9 months
  • Phase 3 will now commence April 2023
  • Phase 4 will now commence 1 October 2023

 The Queensland Government has announced a revised timeline for rolling out the remaining two phases of its project trust account framework.

Phase 3 will commence on 1 April 2023 and Phase 4 on 1 October 2023 (see table below).

The Department of Energy and Public Works and the Queensland Building and Construction Commission will be releasing communications to industry about the extension soon.

While concerns remain over the cost burden on industry, the Property Council continues to work with the Queensland Government to minimise them.

Trust phase

Application

Commencement date

 

Previous

Revised

Phase 3

  • Expands to above contracts valued at $3M or more

1 July 2022

1 Apr 2023

Phase 4

  • Expands to above contracts valued at $1M or more (full implementation)
  • Retention trusts expand to apply through whole contractual chain on project trust projects

1 January 2023

1 Oct 2023