Having recognised the importance of cash flow to small business, the Australian government announced the introduction of a new payment times reporting framework to improve payment time transparency by obliging Australia’s 2,500 largest businesses to publish how and when they pay their small business suppliers.
Australian businesses with an annual turnover of $100 million or more, including foreign companies and government entities, will be covered by the scheme.
According to recent reports, late payments from large to small and medium-sized businesses are estimated to be around $115 billion each year, with $7 billion owed at any time.
How can you have your say?
You can provide feedback on the final framework design by:
- Lodging a written submission to the discussion paper by 2 December. Submissions should be sent to Paymenttimes@employment.gov.au.
- Registering to attend a consultation workshop in Perth (15 November) or Sydney (26 November) by contacting Paymenttimes@employment.gov.au.
