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Discussion Paper Details

Below are the relevant details for the discussion paper. Please continue to the next page to add your feedback.
This week (10 - 14 September), the Honourable Mick de Brenni MP, Minister for Housing and Public Works, Minister for Digital Technology and Minister for Sport released a discussion paper titled The proposed improvements to the Minimum Financial Requirements for licensing in the building and construction industry.

High-profile insolvencies and corporate collapses in Queensland’s building and construction industry have had wide-ranging financial and social impacts. The Building Industry Fairness (Security of Payment) Act 2017 (BIF Act), enacted on 10 November 2017, is a package of reforms to provide Queensland with Australia’s strongest security of payment regime.

One of these reforms is to restore the effectiveness of the MFR for licensing. The MFR are intended to help Queensland’s building regulator, the Queensland Building and Construction Commission (QBCC), identify applicants or licensees who may not be operating a financially sustainable business so that the QBCC can take appropriate—and early—action. The current MFR do not provide the QBCC with sufficient or regular information about a licensee’s financial situation.

Through the Queensland Building Plan, the Queensland Government committed to ‘create new laws that strengthen the MFR and enable the QBCC to better regulate those requirements’. The BIF Act includes a legislative head of power for the MFR to be prescribed in regulation.

Prior to prescribing the MFR in a regulation, a range of proposed improvements to the MFR are being investigated with feedback sought from the building and construction industry and wider community.

The discussion paper outlines proposals for improvements to the MFR in five key areas:
  • introducing risk-based, targeted annual reporting requirements
  • fostering improved accountancy practices that meet the objectives of the MFR
  • ensuring forms of assurance can provide financial security
  • ensuring funds from related entity loans can be readily accessed
  • clarifying definitions and requirements for the calculation of assets.

We want to hear from the building and construction industry, accountants, lawyers and other interested parties about the likely effectiveness and impacts of each of the proposals.

The discussion paper and response form can be found at: www.hpw.qld.gov.au.  

You can have your say by reviewing the discussion paper and completing the response form included in the discussion paper or making your own written submission. Click here to submit your own response, otherwise you can continue to submit your feedback to be included with MPAQ's submission. This survey will take approximately 30 minutes to complete.

Submissions close at 5pm, Tuesday 9 October 2018.

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