Deteriorating payment times as the pandemic infects business

Battered by the first stage of the COVID-economic downturn, Australian companies are increasingly failing to pay their bills on time, as they struggle to trade their way out of the current financial malaise.

Key Insights:

  • On average, one quarter of all bills were paid beyond the agreed terms in all 14 key industry sectors, pointing to the widespread and protracted pain being felt across the economy.
  • Mining, manufacturing and retail trade have traditionally been the greatest laggards in paying their suppliers on time, while transportation, services and agriculture have been the best performing.
  • On a state-by-state basis, the illion data shows all states and territories across Australia have recorded increases in the time it takes to pay suppliers, with Tasmania hit the worst.
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