Labor welcomes the report from the Small Business and Family Enterprise Ombudsman into payment times and practices for small business, released today.
Cash flow is crucial to the success of any small business and waiting for payment for supplies or services delivered months ago is a massive issue for small businesses right across Australia and it's one that is constantly raised with me when I talk with small business owners.
When it comes to paying bills on time the Turnbull Government should be setting the standard and leading the way but unfortunately just last week the ‘Government pay on-time Survey’ revealed that the Government has paid more than $450,000 of taxpayer money in late payment interest penalties to small businesses over the past two years.
It simply isn't fair that small businesses with tight margins are held to the mercy of big business that can take up to three months to pay their bills.
Labor will look closely at the ASBFEO's reports recommendations and we thank all of the businesses who took the time to participate in this inquiry on such an important issue for small business in Australia.