On 31 August 2023, the Minister for Small Business, the Hon Julie Collins MP, released the written report of the independent review of the Payment Times Reporting Act 2020, conducted by the Hon Dr Craig Emerson.
The Review found that the Payment Times Reporting Scheme has merit. However, certain requirements in the Act impose unnecessary regulatory burdens on reporting entities, compromise the effectiveness of the Regulator, and limit the accuracy and accessibility of the data.
The Review makes 14 recommendations, encompassing 23 actions for Government, according to three main themes:
- Overhauling the Payment Times Reporting Scheme, by clarifying objectives, simplifying who needs to report and what needs to be reported, improving the accessibility of information and addressing constraints on the effectiveness of the Regulator.
- Leveraging the importance of reputation to large businesses, by publicly reporting worst and best payers and incorporating small business payment times in environmental, social and governance (ESG) obligations.
- Supporting a culture of prompt payment in Australia, through reforms that go beyond the Act and extend to unfair contract terms, unfair business practices, eInvoicing and government procurement.
Media and news
- Media release – Independent review into small business payment times – 1 September 2023
For all enquiries please email firstname.lastname@example.org