Project bank accounts will become a reality in the case of every construction project worth more than $1 million in Queensland as the state moves to better protect subcontractors from the effect of major corporate collapses.

In its latest announcement, the government says it is preparing legislation to require project bank accounts on all projects worth more than $1 million by the start of 2019. To support the transition, the government will introduce the accounts on all government funded projects of between $1 million and $10…