The banker and the builders want subcontractors to get Paid

A start-up, backed by banker Mike Hirst, that manages payments between builders and subcontractors will join Master Builders Australia to shake up a near-$10 million market for home-building contracts – and give the MBA an edge against rival lobby group Housing Industry Association.

Paid, in which former Bendigo Bank chief executive and AMP director Mr Hirst has a small (sub-10 per cent) stake, will in the coming weeks announce a tie-up that turns the building industry association’s online contract into an end-to-end contract management tool with payment functionality.