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New payment system set to boost Australian home construction sector

A new online payment system could help further revive Australia's home building sector.
Australia's residential property construction industry could be about to be given another shot-in-the-arm through the planned introduction of a new payments management system.

Thanks to the global economic downturn, many construction companies, as well as a wide range of government departments, are struggling to chase up invoices and get paid on time, with this often leading to projects being delayed.

In a bid to address this, the Australian has reported that plans are in place to introduce a new online payment system across the country, with the initiative having already proven a success in both the United States and Canada.

It is anticipated that the new Construction Payment Management system from the Texas-based Textura Corporation could be rolled out later this year, with some of Australia's biggest constructors, alongside several public sector bodies, including central government departments, likely to be among the first beneficiaries.

At the same time, the Canberra government is stepping up its efforts to clamp down on 'sham contracts' within the construction industry, with enhanced worker rights likely to improve the sector's prospects in general.

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