Shining a spotlight on small business payment terms
SMALL business payment terms, times and practices are in the spotlight thanks to an inquiry of the Australian Small Business and Family Enterprise Ombudsman, Small Business Minister Michael McCormack says.
“In the six months I have been Australia’s Small Business Minister, I have travelled the country listening to the concerns, ideas and feedback from as many small businesses as I can,” Mr McCormack said.
“It’s clear small business owners and operators have concerns with payment terms, times and practices, which is why I applaud the Ombudsman on her inquiry.”
The first self-initiated inquiry of the Ombudsman since the Turnbull-Joyce Government established the watchdog in March 2016, Kate Carnell’s inquiry follows her nation-wide consultation on issues affecting small business during 2016.
“From Australia’s largest cities to its smallest towns and villages, small businesses tell me cash-flow is king. With the Ombudsman seeking on-the-ground feedback from Australia’s 2.1 million small businesses, now is the time to get involved and have your say,” Mr McCormack said.
The Ombudsman will also seek input from State and Territory Governments and Authorities, State Small Business Commissioners, the Council of Small Businesses Australia and the Australian Institute of Credit Management, as well as businesses large and small.
The Ombudsman’s survey is open until the end of February 2017 and can be accessed here:http://asbfeo.gov.au/inquiries/payment-times-and-practices/business-survey. Written submissions or comments close on 13 January 2017 and can be emailed email@example.com.
The Ombudsman will present her report to Minister McCormack in March 2017.