Source: QBCC annual report:
As at 30 June 2022, 99.8 per cent of category 4-7 licensees lodged annual financial information with the QBCC under the new annual reporting requirements.
The QBCC issued 60 show cause notices for suspected non-compliance with minimum financial requirements, eight licence suspensions and one licence cancellation, based on the financial information lodged for annual reporting purposes.
The QBCC also imposed licence conditions on 17 licensees for failure to lodge the required financial information on time, which resulted in four suspensions and two cancellations.
99.9 percent of licensees belonging to categories 1-3 had lodged their annual financial information as at 30 June 2022.
The QBCC commenced 117 financial audits and issued 44 show cause notices for suspected non-compliance with minimum financial requirements to licensees in categories 1-3.
Based on the financial information lodged for annual reporting purposes, the QBCC suspended 18 licences and cancelled six licences.
The QBCC also imposed licence conditions on 572 licensees in categories 1-3 for failure to lodge the required financial information on time, resulting in 159 licences being suspended and 90 being cancelled.
Approximately 86.6 percent of licensees belonging to categories SC1 and SC2 had lodged their annual financial information as at 30 June 2022.
The QBCC took targeted compliance actions in respect of these licensees, and lodgement rates have improved over the previous year as a result.
The QBCC’s activities to date under the annual reporting requirements have resulted in the net tangible asset positions of category 4-7 licensees in Queensland improving by over $1.5 billion.