At the recent Master Builders Queensland Industry Leaders Breakfast, moderated by MBQ CEO Paul Bidwell, recently appointed QBCC Commissioner, Angelo Lambrinos, outlined his vision for a more transparent and risk-based regulator. Xact Accounting and Advisory CEO Michael Renton was invited to share his views on why Queensland’s Minimum Financial Requirements (MFRs) matter, how the system works, and where reform could make it more effective.
The Commissioner’s focus on outcomes, consistency, and accountability aligns closely with industry calls for reform that rewards responsible operators rather than burdening them with unnecessary red tape. MFRs are a key part of that conversation. When applied correctly, they build strong business habits – owners learn their numbers, track work in progress, control cash flow, and monitor margins. The intent is sound. The problem is the drag.
The task now is to keep discipline and fix the friction – to modernise the system so that it continues to protect while allowing good businesses to grow.
Compared with insurer-led models in New South Wales and Victoria, Queensland’s MFR framework has one major strength – predictability.
When a construction business lodges an MFR in Queensland, it can forecast the outcome with confidence. The process is consistent, transparent, and largely free of the discretionary hurdles that frustrate operators interstate. That certainty allows construction businesses to plan growth, address weaknesses early, and stay in control.
MFRs also bring valuable discipline once a business scales past micro projects. They encourage financial control, visibility, and planning –- the fundamentals of sustainable growth.
For all its strengths, the system still creates unnecessary drag.
Some entry thresholds are outdated, forcing stable operators to spend too much time proving what their accounts already show.
Flat, one-size-fits-all settings treat low-risk businesses the same as high-risk ones, adding cost and delay. And duplication across lenders, insurers, and the QBCC wastes time that could be spent delivering projects.
Builders working across Queensland, New South Wales, and Victoria face inconsistent rules and insurance requirements – a complexity that adds effort without improving protection.
Reform should protect what works and modernise what does not.
A simple, modernised threshold structure could look like this:
This model removes unnecessary load from small operators while keeping discipline where it matters most.
A smarter MFR model would mean fewer collapses from overreach, lower compliance costs for well-run firms, and stronger protection for clients and subcontractors. It would reward discipline instead of burying it in paperwork.
Queensland’s MFR framework already gets the fundamentals right. The next step is to lift outdated thresholds, remove duplication, and focus checks where they make the most difference. That’s how the industry can protect its integrity while giving responsible operators the confidence and freedom to grow.
We offer all QBCC licence holders a complimentary QBCC accounting health check to see if you’re meeting your licence obligations.
Or, call our QBCC MFR Hotline today at: 1300 233 723 or email: [email protected].
Finally, you can visit our dedicated QBCC MFR Report and Accounting page to learn more about how we can help to manage your QBCC licence requirements.
