The NSW Government is proposing several changes to the Building and Construction Industry Security of Payment Regulation. These reforms aim to better protect subcontractor retention monies and strengthen transparency in relation to payments to subcontractors.

NSW Fair Trading has released for public comment the draft Building and Construction Industry Security of Payment Amendment (Retention Trust Money Account) Regulation 2014.

The NSW Government states that the Regulation delivers further reform consistent with the Collins Inquiry’s recommendations and the original intention of the Security of Payment Act.  The general public may comment on the draft by 16 January 2015 (see Fair Trading website).