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Payment times for small businesses are set to be improved with new expectations to be applied to the Payment Times Reporting Regulator.
Government moves to help SMEs boost payment times
21 March 2025
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7 minute read
The government will move to release a new statement of expectations for the Payment Times Reporting Regulator, in a bid to improve payment times for small businesses.
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The government said the new statement would set expectations for the regulator to foster a culture of prompt payment times by increasing the visibility and accessibility of payment times data.
Minister for Small Business Julie Collins said one of the biggest issues small businesses often raised was better payment times.
“This will incentivise faster payment times and enable Australia’s record 2.6 million small businesses to better understand and interpret findings,” she said.
“It reinforces the regulator’s role to support regulated entities to meet and comply with their obligations by providing appropriate guidance, education and practical tools, and adopting a proportionate approach to compliance action.”
It was said by Collins that the revised statement would also reflect the overhaul of the Payment Times Reporting Scheme under the Albanese government.
Since the scheme was overhauled, the regulator launched a new Payment Time Reports Register aimed at working more effectively with better functionality and accessibility to assess larger business’ payment data to small-business suppliers.
The government said it was crucial to provide small businesses with improved tools to help them better understand and interpret payment times data, interact, compare, and draw insight.
Small businesses were the engine room for the economy and it is critical that the government worked to protect them with reforms to payment times, Collins said.
“The reforms are improving transparency, fostering a fairer business environment and incentivising large businesses to pay faster which will support the growth and sustainability of small businesses nationwide,” she said.
“The statement aligns with the Albanese Labor government’s commitment to supporting small businesses and ensuring they have the environment they need to thrive.”
According to the government, $33.4 million was set to be invested to implement the reforms to effectively improve payment times for small businesses.
“Today’s action is another important part of our reforms. That’s why the government has worked hard to improve fairness and ensure big businesses are paying small businesses on time,” she said.
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