Late payments are proving to be a significant headache for Aussie businesses, hindering their growth and leaving them with a financial migraine, according to the latest survey by CreditorWatch. Results from the survey paint a concerning picture, with over 80 per cent of businesses experiencing late payments in the past six months. Shockingly, 37… Read more »
The Australian Small Business and Family Enterprise Ombudsman (ASBFEO) Kate Carnell has called for federal legislation requiring small businesses to be paid in 30 days, amid a fresh wave of big businesses using the COVID-19 crisis as an excuse for poor payment times. It’s a key recommendation made in ASBFEO’s final report regarding its Supply… Read more »
Small business owners are waiting on average 56 days to be paid, despite recent pushes by the government and ombudsman to reduce payment times to 30 days, resulting in up to $776 billion in late payments annually. Independent research conducted by East & Partners on behalf of national small business lender Scottish Pacific found small… Read more »
The Australian Small Business and Family Enterprise Ombudsman Kate Carnell is encouraging small businesses to have their say on a draft law requiring big businesses to be more transparent about their payment times. Today the federal government opened consultation on the draft Payment Times Reporting Framework legislation that will require businesses with a turnover of… Read more »
The Australian Small Business and Family Enterprise Ombudsman (ASBFEO) Kate Carnell says the voluntary Supplier Payment Code is ineffective and if the government is serious about getting big business to pay small business on time, legislation may be required. Carnell’s comments follow recent scandals surrounding reverse factoring in which certain larger corporations were miming data… Read more »
The Australian Smal Business and Family Enterprise Ombudsman has revealed a large number of big corporates have failed to respond to the ombudsman’s request for information on payment times to suppliers in the small business space. The Review of payment terms, times and practices report, released today by the ASBFEO, surveyed 2400 small and family businesses… Read more »
A survey of over 1000 small business owners by accounting solution Reckon has found more than two-thirds believe the current government is not doing enough to help small business. SMB owners cite increasing red tape, poor tax concessions and increased compliance processes as major problems that need addressing. 52 per cent of those surveyed suggest… Read more »
The Minister for Small and Family Business, Michaelia Cash has put the nation’s biggest corporations on notice, following the government’s commitment to improve payment times for small businesses. 3000 of the nation’s leading corporations are being called upon to take part in a payment reporting scheme which would require them to publish how long it… Read more »
The Access to Justice Inquiry has found small business owners are paying hundreds of thousands of dollars in order to resolve payment disputes, double the cost of a decade ago. Payment times and terms are the biggest cause of disputes, with small businesses forking out as much as $130,000 during the dispute process. Australian Small Business… Read more »
Large Australian and multinational companies who delay paying small business owners are now in the firing line. Following a request from the Minsiter for Small and Family Business, Michaelia Cash, the Australian Small Business and Family Enterprise Ombudsman (ASBFEO), Kate Carnell has announced a review of payment times. The review will measure the effects of… Read more »
ASBFEO Kate Carnell said small business operators from across Australia have been having their say during the consultation, which was launched to hear directly from small businesses about the issues impacting their day-to-day operations.
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