This is the Business Council of Australia’s submission on the Payment Times Reporting Framework Exposure Draft Legislation.
Successful small businesses are the lifeblood of communities and supply chains. It is critical for their cashflow that they are paid the full amount of their invoices quickly and on-time. Payment times in Australia have improved in recent years but concerns remain that some small businesses are being paid late or on extended terms.
The payment times reporting framework, announced by the Prime Minister in 2018, will enhance transparency around payment times and complement commitments made under the Australian Supplier Payment code.