Businesses are invited to make submissions to an independent review of the Business Council’s Australian Supplier Payment Code, which is working to improve payment times and strengthen relationships with small business suppliers.
The Australian Supplier Payment Code was an industry-led initiative established by the Business Council last year to encourage the payment of small business suppliers within 30 days.
“We know paying small business suppliers on time is critical to easing stress, supporting their ability to expand and keeping healthy cash flows,” Business Council chief executive Jennifer Westacott said today.
“The relationship between small, medium and large businesses is worth about $500 billion a year to the Australian economy. The stronger we can make this relationship, the stronger we can make the country.
“Since we launched the Code over 80 businesses with a collective revenue of more than $416 billion have adopted it.
“An industry-led approach encourages mutual understanding and cooperation between small and large business.
“We know the country thrives, when business thrives because they employ five out of six working Australians.
“We committed to regularly reviewing the Code and now we want to hear from businesses about how it has progressed.”
Professor Graeme Samuel AC, a former Australian Competition and Consumer Commission chairman, has been appointed as the Independent Reviewer and will consult with governments, businesses and a panel as part of the review.
The panel includes:
- Kate Carnell AO, Australian Small Business and Family Enterprise Ombudsman
- Judy O’Connell, Victorian Small Business Commissioner
- Peter Strong, Chief Executive, Council of Small Business Organisations Australia
- Dirk Fourie, Rio Tinto, Principal, Procurement.
Any business, not-for-profit or government entity can sign up to the Code at any time. The Code also obliges large companies to help small business suppliers implement new technologies and practices that will assist them with more efficient invoicing and payment.
The review is expected to be completed later this year.
For information on how to sign up, make a submission, read the review’s terms of reference, or for further information go to: www.supplierpaymentcode.org.au.
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