1 May 2017
After releasing the findings from our first self-initiated inquiry into Payment Times and Practices in Australia, it’s abundantly clear that small business should never have to act as a bank for big business.
If your small business is a contracted supplier of goods and services and you believe you’re subject to unreasonable payment times or practices, contact us.
It’s also time to kick-start small businesses growth, generate jobs and promote more transparent and fairer relationships with banks and big businesses – a few of our key policies proposed for the 2017-18 Federal Budget.
On a lighter note, a big thank you to YWCA Canberra for inviting me to speak at their Great Ydeas Innovation Breakfast last week. Congratulations to the winners of the grants, and the women behind YWCA Canberra – you are a brilliant asset to our community.
Facing the path ahead, the ASBFEO team and I will continue to advocate on the behalf of—and assist in any way we can—small businesses and family enterprise across Australia.
Kate Carnell, ASBFEO
Payment times and practices
The ASBFEO’s first self-initiated inquiry found widespread evidence of Australian and multinational companies delaying and extending payments to their suppliers with typical times of 30 days moving out to 45, 60, 90 or 120 days. Read more for the Inquiry’s recommendations and findings.