5 years ago
LATE PAYMENTS CAUSING SMALL BUSINESSES FINANCIAL PAIN
BRENDAN O’CONNOR MP
A report released today by software company Xero, ‘Paying the Price: the economic impact of big businesses paying Australian small businesses late’, raises the concern that the Liberals are not doing enough to support small businesses.
According to the report, Australian small businesses are losing as much as $115 billion a year because big businesses are late to pay them. Over half of all trade credit invoices to SMBs are paid late, which is impacting the economy.
“When SMBs are paid late, it pressures them financially and hampers their ability to invest, grow and employ. It also constrains economic potential. Small businesses generate a third of private-sector gross domestic product and employ nearly half of all workers. When small businesses struggle, the effect ripples through the economy.”
XERO REPORT, MONDAY, 23 JUNE 2019
Waiting for payment for supplies is debilitating for small businesses right across Australia.
Small business owners have consistently raised delayed payments as key issues for them that they want addressed by Government and clearly more must be done.
According to the report, Australian small businesses are losing as much as $115 billion a year because big businesses are late to pay them. Over half of all trade credit invoices to SMBs are paid late, which is impacting the economy.
“When SMBs are paid late, it pressures them financially and hampers their ability to invest, grow and employ. It also constrains economic potential. Small businesses generate a third of private-sector gross domestic product and employ nearly half of all workers. When small businesses struggle, the effect ripples through the economy.”
XERO REPORT, MONDAY, 23 JUNE 2019
Waiting for payment for supplies is debilitating for small businesses right across Australia.
Small business owners have consistently raised delayed payments as key issues for them that they want addressed by Government and clearly more must be done.