Australian Government and big business to pay small business on time

Government and big business to pay small business on time

The Australian Government are helping to ensure small businesses do not spend too long waiting to be paid. They have mandated a 20 calendar day payment time (reduced from 30 days) for government contracts valued up to $1 million, effective from 1 July 2019.

Further, the Government is working to develop an annual reporting framework that requires businesses with over $100 million turnover to publish payment information on how they pay small businesses. It will cover 3,000 of the largest businesses in Australia including foreign companies and government entities.

Find out more about the Payment Times Reporting Framework