Australia: Hospital and Health Services - Are you ready for Project Trusts?
Since project bank accounts (PBA) were introduced on a ‘trial basis’ in 2018 under the Building Industry Fairness (Security of Payment) Act 2017 (Qld) (BIF Act), they have largely applied to Queensland Government building projects between $1 million and $10 million. However, it is the Queensland Government’s intention that the roll out of PBAs will apply to other organisations (both public and private sector) and a broader ambit of building contracts pursuant to the Building Industry Fairness (Security of Payment) and Other Legislation Amendment Bill 2020 (Qld) (BIF Amendment Bill).
