Proposed new deposit and progress payment requirements for home building contracts
Victoria is consulting on draft regulations for new deposit and progress payment rules for home building contracts. A regulatory impact statement has been released as part of the process.
How will Victoria's new deposit and progress payment rules change my home building contracts?
Builders and contractors in Victoria will need to review how they structure payment terms and deposits in residential contracts. Changes could affect cash flow management day-to-day.
Key takeaways
- Victoria is consulting on new rules for deposits and progress payments in home building contracts.
- A regulatory impact statement has been released alongside the draft regulations.
- Builders should review the proposed changes and consider submitting feedback during consultation.
- New rules could affect how residential contractors structure and collect payments.
Related
Construction needs an effective enforcer not a paperwork obsession
The Housing Industry Association (HIA) warns that proposed national construction standards and new procurement rules miss the mark. It says the measures land hardest on home builders and argues for an effective enforcer rather than more paperwork.
Why it matters: Home builders and small residential contractors could face extra compliance paperwork and procurement requirements, adding admin time and cost to jobs without necessarily lifting building quality.
Potential Commonwealth Standards for the Construction Industry
The Housing Industry Association (HIA) says it backs a lawful, safe, productive and sustainable construction industry and has long called for structural reform. It says the consultation on potential Commonwealth standards proposes several measures it is concerned about.
Why it matters: Commonwealth standards could add new compliance requirements for builders and subcontractors across residential construction. The article gives no detail yet, so the practical impact on trades is unclear.
Secure Australian Jobs Framework
The article argues that residential building and its supply chains should be exempt from the Secure Australian Jobs Framework and any related procurement obligations. It says government effort should go towards improving productivity instead.
Why it matters: Builders and the trades working in residential construction could avoid extra procurement obligations and compliance work if the exemption is granted. Otherwise, supply chain and tendering requirements may change.