Canberra’s improved payment times a boon for small business
illion’s September Late Payments report suggests Australian Public Sector reforms have resulted in a significant improvement in late payment times, bringing public administration into line with the rest of the country. The report shows late payments across the nation improving 12 per cent on this time last year, bringing the figure to a new historic low of just 9.1 days.
“Payment times from Australian businesses are continuing to fall despite our economy being in the slow lane. This can be attributed at least in part to technological advancements for payment systems and the impact of industry-specific changes such as the recent public administration reforms.”
Simon Bligh, illion CEO
“Late payment times fell to a new low of just 9.1 days in the September quarter 2019 as record low interest rates boosted the cash flow position of most businesses. While the pace of economic growth has been subdued through the course of 2019, businesses were able to further reduce the time late payments were made.”
Stephen Koukoulas, illion Senior Economist