Security of payment reforms - implementation options

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  • The Issue

    Consultation period: 21/12/2018 12:00 am to 28/01/2019 5:00 pm

    The Building and Construction Industry Security of Payment Amendment Act 2018 (the Amendment Act) was assented to on 28 November 2018. The Amendment Act contains reforms to promote cash flow in the supply chain, increase transparency of payments and provide greater protections to subcontractors.

    The Amendment Act has not commenced. Some of the reforms require subordinate legislation and administrative changes before they can be implemented. Other reforms are likely to impose significant changes to industry practices which means that it would be appropriate to provide a transitional period before they commence.

    The Options Paper for the Security of Payment Reforms – Implementation proposes various options for commencing each reform and seeks feedback on that approach. We will also use this opportunity to seek initial feedback on the matters that will be included in the amending Regulation. Further information on how to make a submission is detailed in the Options Paper.

    Have your say

    Stakeholders and interested parties are invited to review the Options Paper below and provide comments.

    All submissions will be publicly available. If you do not want your personal details or any part of your submission published, please let us know in your submission together with reasons.

    Next steps

    All submissions received will be acknowledged. Once the consultation period has closed, feedback will be analysed, and all potential options assessed. More information about the progress of the review will be made available on this website.

  • Milestones

    • Late 2015: we released a discussion paper for industry and public consultation as part of a full review of the Act.
    • 2017-2018: we conducted a number of stakeholder roundtables with peak industry bodies to explore possible options for reform.
    • August 2018: we released an exposure draft Bill, with accompanying explanatory statement, and a consultation paper on a proposal for a statutory trust for public consultation
    • 18 September 2018: Consultation ended.
    • 21 November 2018: The Building and Construction Industry Security of Payment Amendment Bill 2018 passed Parliament
    • 28 November 2018: The Building and Construction Industry Security of Payment Amendment Act 2018 assented
    • December 2018: Options paper released for consultation on the implementation of the Security of Payment Reforms

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