The Property Council is grateful for the opportunity to provide feedback on the Security of payment reform in the WA building and construction industry report and congratulates the McGowan Government on pursuing these welcome improvements to Western Australia's building and construction industry.
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 WA Property Council lodged a formal submission on the Security of Payment reform focusing on the below three key areas:
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Registration Framework for Building Service Providers
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Project Trust Accounts
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Statutory Deemed Trusts
To view the submission in full please click the link below.