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This document was authored by the then Department of Industry, Science and Research as part of the Small Business portfolio policy functions which have since been transferred to the Treasury.
This report assesses the performance of Australian Government against the Supplier Pay On-Time or Pay Interest Policy for the 2019-20 financial year.
The policy requires government agencies to pay all invoices relating to contracts of up to $1 million within 20 calendar days. Late payments incur interest.
The 2019-20 survey is the first time the policy implement a 20 day payment requirement, compared to the previous 30 days.
Pay on time performance has improved compared to 2018-19.
In 2019-20, 90.6% of invoices for contracts of up to $1million were paid within 20 days, compared to 61.7% in 2018-19.