Project Trust Account Framework Rollout Extensions Announced

Extensions Announced For Qld Govt Project Trust Account Framework Rollout

The Queensland Government has announced extensions to the rollouts for the Project Trust Account Framework by up to two years, as follows:

• Phase 3 (all eligible contracts of $3 million or more) – to 1 March 2025.
• Phase 4 (all eligible contracts of $1 million or more) – to 1 October 2025.
• Retention trusts will also apply throughout the contractual chain from this point.

The government recognises current industry and market challenges including supply and labour shortages and cost pressures. The extension will allow more time for industry to prepare.

There is no change to the phases which have already commenced. Trusts will continue to be required for government projects of $1 million or more and private sector projects of $10 million or more.

For more information about trust accounts requirements, including supporting resources, please visit the Queensland Building and Construction Commission website www.qbcc.qld.gov.au/trust-accounts.

As always for any further information or assistance, please do not hesitate to contact us.