Dozens of private sector trust accounts giving security to building projects | Queensland Building and Construction Commission

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The total value of the 60 projects is more than $1.9 billion, and include work being undertaken for colleges, sporting organisations, port facilities and airlines.

The project trust account framework began in March 2021 with a phased rollout.

The latest phase started on 1 January 2022 and requires eligible private sector construction projects valued at $10 million or more to have a project trust account.

The Queensland Building and Construction Commission (QBCC) regulates the accounts, and QBCC Commissioner Anissa Levy says the 60 private sector ventures reflect significant progress with the framework.

“Project trust accounts play an important role in helping to ensure that subcontractors get paid for the work they do on these projects,” Ms Levy says.

“The projects are valuable contributors to the economy and the project trust accounts add an extra level of security and stability to the projects.”

A Rockhampton Airport project was the first private sector project to have a trust account.

Ahrens Group Pty Ltd is building an aviation maintenance, repair and overhaul facility at Rockhampton Airport, which is part of a new $60 million facility being built by Alliance Airlines to maintain its fleet of aircraft.

Ahrens Design and Construct Queensland Divisional Manager, Chris Klaebe, says this is a significant investment in Central Queensland.

“We are proud to be working on this development which means jobs for locals, and in turn we are helping support the building and construction industry in Rockhampton,” he says.

“We know how important it is for tradespeople to be paid on time and registering for a project trust account is just one way we can help make this happen.”

Last reviewed: 23 Jun 2022 Last published: 23 Jun 2022
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