The VBA wishes to advise that the Building and Construction Industry Security of Payment Regulations 2013 have been remade with no changes ahead of the 10-year sunset period.
The Department of Transport and Planning will likely be informed as to the suitability of the regulations through the current Parliamentary Inquiry, which is looking into payment issues and is expected to provide a report by the end of 2023.
Following this, the Department of Transport and Planning will make recommendations for improvements to the regulations over the next two years, and where significant regulatory impact is foreseen, industry will be engaged through a Regulatory Impact Statement (RIS).
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