Housing and Public Works Mick de Brenni pictured on the Sunshine Coast with Premier Annastacia Palaszczuk said the government has received a report into the evaluation of a trial of project bank accounts in the construction industry.
Housing and Public Works Mick de Brenni pictured on the Sunshine Coast with Premier Annastacia Palaszczuk said the government has received a report into the evaluation of a trial of project bank accounts in the construction industry. Patrick Woods

Big builders gamble futures after missing deadline

MORE than 250 of Queensland's biggest builders have yet to comply with new reporting rules under the new provisions of the Building Industry Fairness Act with a further 80 choosing to downgrade their licences to a lower revenue class.

Category 4 to 7 builders with turnovers of $30 million or greater were required to submit a complete financial picture of their business by midnight last Sunday.

Many have been slow to do so, with 251 still to comply.

A QBCC spokesperson said as of the start of business Monday following the midnight Sunday deadline it had received financial reports from 496 licensees.

"Providing these reports is an important obligation, which is why Queensland law stipulates that failing to do so could see companies face a range of penalties including fines of up to $13,055, financial audits, licence suspensions or cancellations," the spokesperson said.

Meanwhile the State Government has received a report from an independent evaluation panel of the year-long trial of project bank accounts on government construction jobs valued between $1 million and $10 million.

"Everyone in the building industry deserves the confidence they will be paid on time, in full, every time ... it's a core Labor value," Housing Minister Mick de Brenni said.

"Only Labor is working to ensure tradies are no longer used by the big end of town as an interest-free loan facility. The report from the independent evaluation panel has now been received and its findings will be considered by the Government prior to being tabled in Parliament."