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Property Council has its say on Security of Payment reform

  • February 01, 2019

PROPERTY COUNCIL HAS ITS SAY ON SECURITY OF PAYMENT REFORM

The Property Council’s WA Division has lodged a submission on the Security of Payment Reform report in the WA building and construction industry.

The report is the culmination of a six-month review by John Fiocco, including extensive consultation with industry, and puts forward 44 recommendations for government to consider. A response to the report and subsequent enabling legislation are expected in the first half of this year.

The Property Council is generally supportive of the overall intent of the reform, and the focus to improve protection for subcontractors. We particularly support measures that would assist in the capitalisation of builders however, only without subsequent impost to developers and consumers.

The Property Council’s WA Division lodged a formal submission on the Security of Payment Reform report focusing on the below three key areas:

  • Registration Framework for Building Service Providers
  • Project Trust Accounts
  • Statutory Deemed Trusts

To view the submission in full please visit our website.