(18 September 2024 – Australia) The payment times reporting regulator has released the new payment times reports register following the commencement of new rules.
The Australian Federal government reinforced its commitment to bolstering the payment times reporting scheme to promote a culture of prompt payment practices that supports small businesses being paid on time.
The new register provides users with interactive tools to compare and draw insights from payment times data. The Senate introduced amendments to establish a “fast payer” list which recognised large entities that pay small businesses in 20 days or less. This reform also enabled the regulator to name and shame large businesses that are slow to pay small business suppliers.
“Reporting under the overhauled reporting requirements will hold larger businesses to account for their payment practices. Faster payment times alleviate administrative burdens and reduce financing costs for small businesses. The resulting productivity gains can support higher wages and profits and expand the range of economic and employment opportunities, with flow-on effects across the economy” stated Minister for Small Business Julie Collins.