Industry-led initiative to improve payment times for small businesses

Nationals Member for Cowper Luke Hartsuyker has welcomed the news that an industry-led initiative to improve payment times for small businesses to within 30 days of invoice.

Mr Hartsuyker commended the Business Council of Australia on taking the lead for this initiative, which has seen 35 of Australia’s largest companies signing the Australian Supplier Payment Code.

“As a former small business owner, I understand the time and effort which can be spent following up on late payments,” Mr Hartsuyker said.

“All too often, many large business are slow in paying their smaller suppliers which places great strain on the cashflow of small businesses.

“It has become part and parcel of being a small business owner and so I’m very pleased to see that there are those in the industry who are leading the charge to change this unnecessary hurdle.

“The less time that a business needs to invest in following-up payments, the more time it can spend being productive and actually doing what it does best.

“The economic value of an initiative like this is significant because time wasted in this regard is money wasted.

“Businesses encouraging each other to improve their transaction speed is definitely a step forward.”

For more information about the Code and its signatories, visit http://bca.com.au/policy-agenda/australian-supplier-payment-code

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