Julie Collins: Payment times reforms will be a shot in the arm for small businesses

Innovative, adaptive and hardworking – that’s how I described Australia’s small business owners earlier this month at the COSBOA National Summit in Sydney. 

But that hard work and dedication can be too easily undermined by those big businesses that fail to pay small businesses on time. 

That’s why I’m pleased that we’re taking the next step in moving towards naming and shaming big businesses that fail to pay small businesses in less than 30 days.  

On Monday we released draft legislation to overhaul the Payment Times Reporting Act 2020 and introduce reforms that will help level the playing field for small businesses.  

This will be a shot in the arm for small businesses with faster payment times improving cash flow, alleviating administrative burdens and reducing financing costs.  

This will be good for small businesses, good for the millions of Australians they employ, and good for our country, with the boost to productivity flowing through to increased profits and more local jobs. 

And there’s no downside for big businesses that are already doing the right thing, as we know so many are. 

This is just one way in which the Albanese Labor Government is supporting small businesses. 

We’ve already provided targeted energy bill relief of up to $650 for around one million small businesses in partnership with states and territories, and we’re supporting small businesses in their energy transition with energy efficiency grants. 

We’re investing over $60 million to help small businesses uplift their cyber security and digital capabilities through the Digital Solutions program, Cyber Wardens program, Cyber Resilience Service, and a cyber health check. 

And we’re helping startups and small businesses to innovate, commercialise and grow their companies through the $392.4 million Industry Growth Program. 

As the Prime Minister told the COSBOA Summit, every small business represents optimism and resilience, innovation and investment, aspiration and determination. 

We know small businesses will keep working hard for Australia, and we’ll keep working hard for small businesses. 

Julie Collins is the federal Member for Franklin, and the Minister for Housing, Homelessness and Small Business.