Each year, Australian businesses process around 1.2 billion invoices.
Paper and email based invoicing is manually intensive and prone to human error resulting in increased processing costs and payment times for businesses. Electronic invoicing (or e‑Invoicing) is the direct, electronic exchange of invoices between suppliers’ and buyers’ financial systems. e‑Invoicing is a clear opportunity to streamline invoice transactions, saving businesses time and money.
e‑Invoicing could result in benefits to the Australian economy of $28 billion over ten years, according to estimates by Deloitte Access Economics.
The Digital Business Council (DBC) has worked with industry and government to develop a standardised approach to e‑Invoicing allowing different software and systems to connect and exchange invoices in a structured digital format. Establishing a common framework, opens up access, allowing broad scale, mass adoption. The e‑Invoicing Interoperability Framework is being updated to support trans-Tasman transactions, providing compatibility with our New Zealand neighbours with whom we already have a close economic and trading relationship.
In March 2018, the Australian and New Zealand governments agreed to take practical action around common approaches to e‑Invoicing under the Single Economic Market agenda (SEM). In May 2018, the Australian Government announced that work to progressively adopt e‑Invoicing will begin across all levels of Australian Government.
With clear economy-wide benefits, both the Australian and New Zealand governments are working closely with industry to assist with the implementation of e‑Invoicing.
You can submit responses to this consultation up until 17 October 2020.
Interested parties are invited to comment on this consultation.
While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.
All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.
Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.
How To Respond
Address written submissions to:
Parkes ACT 2600