Security of Payment Statutory Trust
What's this about?
The NSW Government is progressing reforms in the building and construction industry to provide subcontractors with better financial security.
- changes to payment timeframes
- clarification of the process to make claims under the Building and Security Construction Security of Payment Amendment Bill 2018
- increased enforcement and compliance powers.
The government is considering the feasibility of statutory trusts to better protect sub-contractors from the consequences of contractor insolvency.
NSW Fair Trading commissioned consultants HoustonKemp to complete a financial impact analysis. The report will help the government understand how aspects of statutory trusts may work within the industry and economy.
Have your say
There are three ways you can submit your feedback:
- Online: consultation website
- Email: [email protected]
- Mail: Security of Payment Amendment Regulation Consultation Regulator Policy, Better Regulation Division
Department of Finance, Service and Innovation
Locked Bag 2906
Lisarow NSW 2252
Have your say by 25 July 2019.