Fri 08 Aug 2014
Security of Payment:
This piece of Legislation was designed to streamline the payment of contractors and subcontractors in the construction industry.
Since it was implemented in 2002, it has not worked well for either the client or the provider, and as such has largely fallen out of favour with contractors despite the best intentions of government to resolve many payment issues.
CCF has been lobbying for some time to have this legislation reviewed and updated to reflect the better aspects of what is currently in place and working in other States.
The Minister for Resources and Small Business the Hon. Russell Northe, has become a strong supporter of the push for reform. To his credit the Minister has advised he is keen to support a legislative review, and has presented a formal request for this to the responsible Minister in the Hon. Mathew Guy; Minister for Planning.
This is good news and it’s been a long time coming, however it is not yet a done deal. CCF Victoria will keep Members posted over the next few months on this matter.
For more information, please contact CCF Victoria on (03) 9822 0900.