Payment Times Reporting Bill: Exposure Draft

Closed 10 Mar 2020

Opened 21 Feb 2020

Overview

The small business function transferred to the Department of Industry, Science, Energy and Resources as a result of the Administrative Arrangements Order made on 5 December 2019 with effect from 1 February 2020.

The Australian Government is introducing a new Payment Times Reporting Framework for large businesses with over $100 million in annual turnover. These businesses will be required to report information on how and when they pay their small business suppliers.

The Framework aims to:

  • increase transparency of the payment performance of large businesses so small businesses can make more informed decisions about their potential customers
  • drive cultural change to improve payment times.

The legislation to enable the reporting framework is proposed for introduction in the 2020 autumn sitting of Parliament.

We are seeking views on the draft legislation and the content of the proposed Minister’s Rules that would be made under the legislation. We particularly welcome the views of businesses on any implementation issues associated with the requirements set out in the legislation and the Rules.

Consultation Paper and Legislation

Audiences

  • Small business
  • Large business

Interests

  • Small business