BUILDING companies will have to establish a trust fund to ensure subcontractors and workers are paid if the firm goes bust, under reforms announced by the NSW government.
New legislation will also force companies to make progress payments within 30 days of going under.
The changes are the government's response to an inquiry into the construction industry after a string of high-profile firms collapsed leaving suppliers and subcontractors more than $1 billion out of pocket.
Building company Kell and Rigby collapsed in February last year leaving 500 workers out of job.
The collapse was followed by revelations that Reed Construction was unable to pay millions of dollars to more than 50 subcontractors.
St Hilliers Ararat also went into voluntary administration two months later.
The inquiry, led by Bruce Collins QC, made 44 recommendations.
NSW Finance Minister Greg Pearce says some of the recommendations will be adopted immediately, including establishing a cash retention scheme to protect payments to subcontractors if a construction company collapses.
Legislation will also be changed to improve payment practices in the building industry, such as giving authorities power to prosecute over breaches.
"These reforms are aimed at providing better protections for builders, subcontractors and suppliers working in the industry," Mr Pearce said on Thursday.
The state government will trial a system of directly paying subcontractors working under government construction contracts.
An advisory group will also be set up to advise on the reforms.
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