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Small business payment inquiry prompts ‘unprecedented’ response

11/20/2018

Small business payment inquiry prompts ‘unprecedented’ response

Small business minister Michaelia Cash says there has been an “overwhelming” response from the small business sector to the ombudsman’s inquiry into payment terms. More than 500 businesses have responded to the inquiry in just four days highlighting lengthy payment times and pressure to sign unfair contracts incorporating extended payment arrangements, imposed by big business. The inquiry was initially slated to conclude on Monday but Ms Cash has written to the small business ombudsman Kate Carnell extending the inquiry until December 7.

NANA has supported the call to support the payment times review by encouraging Newsagents throughout NSW and ACT to take the survey.

Payment times in Australia are among the worst in the world, with invoices paid on average 26.4 days late. The review of payment times will measure the effects of late or extended payment practices on the cash flow of small businesses and family enterprises in Australia.

The results of the survey will be used to provide advice to the Minister for Small and Family Business, Skills and Vocational Education, Michaelia Cash on how late and extended payment practices might be improved to ensure the cash flow of small and family businesses is better protected.

Click HERE to fill in the 5 minute survey.