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...