The Commonwealth Government is committed to encouraging fairer and faster payment times and terms for small businesses.
Trade between small, medium and large businesses totals more than $550 billion a year in Australia. There is international evidence that reducing long payment times to small business can make the SME sector more resilient by improving cash flow and boosting employment and wages.
To address this issue, the Commonwealth Government announced on 21 November 2018 that it would introduce a new national large business 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 up to 3,000 of the largest businesses in Australia – including foreign companies and government entities.
The Department of Jobs and Small Business wants to hear from large and small businesses on how the framework would best work. This feedback will help develop the best possible reporting scheme to encourage fairer relationships between large and small business. The consultation process is supported by economics analytics firm, AlphaBeta.
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 to attend a consultation workshop in Perth (19 February), Sydney (20 February) or Melbourne (21 February).
- Registering for an online consultation workshop for people who can’t attend the in-person workshops.
If you would like to subscribe for updates on the Payment Times Reporting Framework please fill in the form below or email PaymentTimes@jobs.gov.au.