Insolvency in the building and construction industry is unacceptably prevalent, as evidence by the recent parliamentary inquiry that found that more insolvencies occur in the building industry than all other industries combined.
Several reasons for this exist; however, in the view of the AMCA, it is the causal role played by delayed payment practices that is most critical for subcontractors who are significant employers of workers onsite and have frequently cited delayed payment as the source of financial stress.
The variation of Security of Payment legislation around Australia means that there are differing views as to the merits of different design and administrative elements; however, overall it has assisted contractors seek expedited payment that would otherwise have had to go through a full dispute resolution process to recover monies.
Even so, Security of Payment remains a significant concern for subcontractors, many of which are small and medium sized enterprises, often family owned businesses.
We highlight the following basis for our submission:
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