Anyone running a small business knows cash flow is king. Late payments on large invoices can put significant mental and financial stress on business owners.
With $550 billion a year flowing between large businesses, medium-sized enterprises and Australia’s 3.3 million small businesses, encouraging fast and fair payment times is critical to the health of the economy.
To encourage better payment practices, the Australian Government announced on 21 November 2018 that it would introduce a new national business payments reporting framework.
The framework will require large businesses with over $100 million in turnover to publish payment information on how they engage with small businesses. It will cover 3,000 of the largest businesses in Australia – including foreign companies and government entities.
Anyone interested in the design, scope and implementation of the scheme can participate by:
Lodging a written submission to the discussion paper by 28 February 2019.
Registering for an online consultation workshop for people who can’t attend the in-person workshops.
To register for updates on the consultation process or for more information on the Payment Times Reporting Framework, please visit Helping Australian small and family businesses thrive | Department of Industry, Science, Energy and Resources or email PaymentTimes@employment.gov.au.