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On 5 December 2023, the Minister for Small Business, the Hon Julie Collins MP, released the Government response to the Statutory Review of the Payment Times Reporting Act 2020, conducted by the Hon Dr Craig Emerson.
The Government response agrees to the recommendations of the Review and commits to a range of initiatives that will deliver better outcomes for small businesses and ensure continuous improvement of payment practices by large businesses operating in Australia.
Government initiatives include an overhaul of the Payment Times Reporting Scheme, targeted activities to increase pressure on large businesses with poor payment practices and embedding fair payment terms for small businesses in a range of other government policies and processes.
These changes will deliver the government’s commitment of a better deal for small businesses by ensuring small businesses are paid on time.