❓ Hon. Kate Doust questions the Minister for Finance regarding the cost and red tape associated with administering project bank accounts in the building and construction sector, following up on previous comments by the Treasurer.
AnsweredQoN 800Legislative Council
Asked
24 August 2016
Member
Portfolio
Leader of the House representing the Minister for Finance
QuestionView source ↗
BUILDING AND CONSTRUCTION — PROJECT BANK
ACCOUNTS
800. Hon KATE DOUST to the Leader of the House
representing the Minister for Finance:
I refer to the Treasurer's answer to question without notice 730
about his comments in The West Australian in which he said that ''project bank accounts are very costly and
involved red tape'' and to the Treasurer's advice that the
question be directed to the Minister for Finance.
(1) What is the cost of administering a project bank account?
(2) What red tape is required to
administer a project bank account?
ACCOUNTS
800. Hon KATE DOUST to the Leader of the House
representing the Minister for Finance:
I refer to the Treasurer's answer to question without notice 730
about his comments in The West Australian in which he said that ''project bank accounts are very costly and
involved red tape'' and to the Treasurer's advice that the
question be directed to the Minister for Finance.
(1) What is the cost of administering a project bank account?
(2) What red tape is required to
administer a project bank account?
AnswerView source ↗
I thank the honourable member for
some notice of the question.
(1)–(2) Establishing
and operating a project bank account requires additional effort when compared
with the payment process on a typical construction project. Based on the
limited trial of seven projects undertaken by Building Management and Works
that utilised project bank accounts, an indicative average cost estimate of
this additional effort in the order of $80 000 per project was derived. Those
arrangements around the trial projects are currently being refined to reduce
the administrative burden and cost imposed on industry.
some notice of the question.
(1)–(2) Establishing
and operating a project bank account requires additional effort when compared
with the payment process on a typical construction project. Based on the
limited trial of seven projects undertaken by Building Management and Works
that utilised project bank accounts, an indicative average cost estimate of
this additional effort in the order of $80 000 per project was derived. Those
arrangements around the trial projects are currently being refined to reduce
the administrative burden and cost imposed on industry.
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