The article was published on the Australian Small Business and Family Enterprise Ombudsman website and is available to view in full here.
“The announcement by the Prime Minister in November, to ensure large businesses pay small to medium enterprises (SMEs) within 20 days as a condition of future government contracts is a major win for the SME sector,” the Australian Small Business and Family Enterprise Ombudsman, Kate Carnell said.
Backed up by the requirement by large businesses with $100 million turnover to publish payment times in their annual reports, it is definitely a game-changer. SMEs make up 99% of businesses in Australia and they employ over half of our workers. Just one late payment makes a difference to a small business’ bottom line.
The Ombudsman also welcomes the government’s commitment to pay invoices under $1 million within 20 days and to help SMEs compete for 35% of all government contracts up to $20 million.
Read more here.