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It has been revealed that more than $122 million worth of capital has been injected into the construction industry.
New powers given to the state’s building and construction regulator have seen more than $122 million worth of capital injected into the industry after financial reviews of only 269 licensees.
Minister for Housing and Public Works Mick de Brenni said the capital increase comes from companies which were found to be operating with insufficient assets to support their turnover.
“The Queensland Building and Construction Commission (QBCC) has been compelling companies to raise and maintain an adequate level of working capital, in a step to reduce the risk of instability,” Mr de Brenni said.
“The new laws brought in by the Palaszczuk Government in January have given the QBCC the power to lift the lid on licensees operating with unhealthy financial circumstances.
“The QBCC has prioritised companies which appeared to be most likely at risk, with 765 major building companies set to have their financials assessed.
“Most have been found to be operating with adequate financial reserves, but a number were not.
“While the audit continues, these results, before we’ve even reached a half way mark, demonstrate the importance of obtaining these safeguards.
“There is no law that can provide an iron clad guarantee against business failure or financial mismanagement, but people who invest in Queensland and workers who establish their career in Queensland need to be given the highest possible security that Queensland has a strong, stable building industry,” he said.
Mr de Brenni said that since 2015 the Palaszczuk Government has generated 199,000 jobs for Queenslanders.
“Regulatory action like this by the QBCC helped improve stability within the industry.
“If a licensee doesn’t have the asset base to support its turnover, we know that can be a recipe for disaster,” he said.
“The QBCC has told me they will take swift regulatory action against any licensee failing to meet the financial requirements.
“I am committed to continue to ensure that Queensland’s building and construction industry supports thousands of jobs, and is safe, stable and sustainable.”
It comes after Rockhampton builder JM Kelly entered adminstration late in 2018, owing a lot of money to creditors and leaving many workers without jobs.
By Michelle Price