THE HON JULIE COLLINS MP
MINISTER FOR HOUSING
MINISTER FOR HOMELESSNESS
MINISTER FOR SMALL BUSINESS
THE HON STEPHEN JONES MP
ASSISTANT TREASURER
MINISTER FOR FINANCIAL SERVICES
MEMBER FOR WHITLAM
MEDIA RELEASE
Small businesses in the Illawarra and Southern Highlands will now benefit from faster payment times, following the passing of legislation in Parliament.
The Albanese Government’s legislation overhauls the Payment Times Reporting Act 2020 (the Act) to improve payment times and cash flow for small businesses, while alleviating administrative burdens and reducing financing costs.
The legislation ensures the Payment Times Reporting Regulator has the appropriate tools to deliver better payment outcomes for small businesses.
It will also reduce regulatory burdens for big businesses required to report, streamline processes and remove inefficiencies in the Act.
This legislation helps deliver on the Government’s response to the 2023 Emerson Review of the Act, and underscores Labor’s commitment to improve payment times to small businesses.
The Government has committed $33.4 million in new funding to implement reforms that will improve payment times for small businesses.
This is just one way the Albanese Government is supporting Australia’s small businesses.
The Government’s Small Business Statement in the recent Budget outlines more than $640 million in targeted supports for small businesses to ease pressure, support small businesses to grow, and level the playing field.
Quotes attributable to Minister for Small Business, Julie Collins:
“The passage of this legislation in the Parliament is a big win for Australia’s small businesses.
“Being paid on time is a matter of fairness for Australia’s small businesses which is why we haven’t wasted any time passing this legislation after introducing it to the Parliament.
“I’m pleased the Parliament has backed these important reforms.
“Improving payment times for small businesses was an election commitment, and today’s passage shows we’re delivering.
“Our government will continue to deliver a better deal for small businesses, with more than $640 million in targeted support outlined in our Small Business Statement.”
Quotes attributable to Member for Whitlam, Stephen Jones:
“Improved payment times is another way we’re supporting local small businesses. It will improve their cash flow, alleviate administrative burdens and reduce financing costs.
“Following the passing of this legislation, new powers will increase pressure on big businesses to pay small businesses on time.
“This will also boost productivity, support higher wages and profits and expand employment opportunities.
“It’s in addition to our government supporting a 3.75 per cent increase to the minimum wage, which is now in effect.”
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