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Federal Government launches payment times register for small business Posted on December 8, 2021
The Federal Government has launched a national payment times register to increase visibility and accountability of 6,000 big business invoicing methods and payment policies.
The new online Payment Times Reports Register publishes information about the payment policies of businesses with a turnover of more than $100 million.
It is designed to protect and empower small businesses to engage in big business that is responsible and respectful. Late payments to small business severely impact cashflow and growth. This register is an important step in helping small business to balance the power, see the payment terms ahead of engagement, and set the terms and be paid for their important work. It is also a reminder to big businesses that they need small business suppliers and should look after them accordingly.
The Council of Small Business Organisations of Australia (COSBOA) has called for a national benchmark of 14 days payment terms, although the national average is currently 37 days. Big businesses in the manufacturing industry offer the lengthiest times, with small business suppliers receiving average payment terms of 48.62 days.
To access the Payment Times reporting portal, business owners can use their MyGovID: https://paymenttimes.industry.gov.au/