The Queensland Government has revealed its intentions to expand the application of mandatory PBAs, and proposed timeframes for the roll-out of Project Bank Accounts (PBAs).

The Government’s media release proposes the following phased approach to rolling-out PBA’s:

  • “From 1 July 2020, the Queensland Government proposes to expand the PBA system through a phased approach to give plenty of time for the industry to prepare and have new administrative procedures in place, minimising financial stress.
  • Within 24 months, PBAs will apply to all Queensland building projects valued at over $1 million.”