Project Bank Accounts
Project Bank Accounts applied to certain government contracts with tenders released between 1 March 2018 and 28 February 2021. Project Bank Accounts required funds to be held in a set of three trust accounts and protected payments due under a building contract.
In 2018, a review of Project Bank Accounts was undertaken by the independent Building Industry Fairness Reforms Implementation and Evaluation Panel who recommended a simplified model.
On 1 March 2021, a new streamlined trust account framework commenced. The trust account framework applied to eligible Queensland Government contracts valued between $1 million and $10 million. On 1 January 2022, the framework expanded further to include eligible private sector, local government, statutory authority, and government-owned corporations' contracts with a value of $10 million or more. The trust account framework is being gradually rolled out to other eligible building and construction contracts.
Read more about the trust account framework, including implementation dates for future phases.
- Last reviewed: 20 Mar 2023
- Last updated: 20 Mar 2023
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