Regulator in town to help with new financial requirements

17 February 2020

Rockhampton builders, sub-contractors and accountants are being encouraged to attend the upcoming Minimum Financial Requirements (MFR) roadshow.

The QBCC is undertaking a series of 11 statewide information sessions on the financial reporting requirements from now until 12 March 2020 to be known as ‘Financial Requirements Information Sessions’.

QBCC Commissioner Brett Bassett said approximately 45,000 licensees had already submitted their financial information as part of new annual reporting requirements.

“The QBCC requires financial information to be provided to help identify licensees who may not be operating a financially sustainable business.

“Having a strong stable business is paramount for local builders and subbies, suppliers and consumers who rely on the flow on effects it generates.

“That’s why we are focusing on state wide financial health checks for licensees.

“So far we’ve seen a pleasing result and we are here to help people in Rockhampton who may be lagging with their annual reporting requirements,” Mr Bassett said.

“The annual reporting and minimum financial requirements are absolutely necessary for the financial sustainability of the State’s building and construction industry.

“It is likely that licensees already have the information they need to provide to the QBCC. An accountant’s signature is not required for annual reporting, and it can be done online.“

“So far, Minimum Financial Requirements have seen $1.2billion injected into the building and construction industry.

“That’s nothing but good news for all of the 240,000 Queenslanders who work in this sector, and brings confidence to those wanting to invest,” Mr Bassett said.

At the end of October 2019, the QBCC sent more than 70,000 letters to QBCC licensees to remind them of their reporting obligations.

For more information and roadshow locations click here.


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