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Wednesday, May 29, 2024

Payments Register update

The Australian Small Business and Family Enterprise Ombudsman (ASBFEO) has released an updated National Payment Transparency Register, which promotes businesses that pay their small business suppliers in fewer than 30 days.

“Late payments affect a small business’s cash flow, impact on business growth and in worst case scenarios can put a business out of operation,” Ombudsman Kate Carnell said. “Our register allows small businesses to measure potential risks before entering supply arrangements with big business.”

Illion’s 4th Quarter 2017 Australian Late Payments report notes that, overall, late payment times have reached their lowest level on record. Small business leads the way, with micro and small businesses showing reduced year on year payment times of 21 per cent and 17.8 per cent, respectively. In comparison there has been a four per cent reduction for large businesses.

The release of the updated register coincides with the second anniversary of the ASBFEO. During this time, the Ombudsman has assisted and supported businesses, with more than 6,400 contacts recorded.

“Assistance cases have focused on range of issues, including IT services, intellectual property, unfair contracts, lack of payment for goods and services, leasing disputes, and advertising and marketing contracts not fit for purpose,” Ms Carnell said.

“We’ve also provided policy advice on streamlining red tape, access to government procurement, energy prices, succession planning for family enterprises, and the importance of mental health and wellbeing.

“Looking ahead, we’re determined to bring small business to the front and ensure national policies deliver significant benefits for them.”

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