Member for Kiama Gareth Ward MP has today announced that local tradies across the Illawarra, Kiama and Shoalhaven will now have greater protections to ensure they are paid on time and in full following the introduction of new laws by the New South Wales Government.
Mr Ward said that the changes to Security of Payments Act will deliver faster payouts for contractors and subcontractors and quicker and fairer dispute resolution.
“These reforms will raise the level of protection for local tradies and subbies so they know they will be paid the money they are owed on time,” he said.
“At a time when many small building businesses are doing it extremely tough and cash flow is essential to staying afloat, it is vital there aren’t long delays in them getting the money they are owed.
“Tradies make an invaluable contribution to NSW’s economic prosperity and will be the engine room of our post COVID-19 recovery. They deserve to get paid on time for the work that they do.
“To protect the rights and livelihoods of tradies the NSW Government is also cutting red tape and reducing costs by removing the need to report annually on the operation of retention money trust accounts, and providing more transparency by allowing subcontractors to inspect retention money trust account records,” Mr Ward said.
The NSW Minister for Better Regulation and Innovation Kevin Anderson MP said that the changes were particularly important in helping the sector through the challenges of COVID-19.
“The removal of the owner occupier exemption in particular will provide a significant economic stimulus and help many tradies and small businesses through the difficulties of COVID-19,” Minister Anderson said.