The Australian Small Business and Family Enterprise Ombudsman (ASBFEO) is requesting that the Australian Government set a maximum payment time for business-to-business transactions. Big businesses have been extending their payment times between 30 to 120 days, effectively using small suppliers as banks. ASBFEO is recommending the Australian Government introduce a payment term limit of 15 business working days. In an ASBFEO survey, it was noted that more than half of large companies are frequently late on payment.
Read more: Small-business suppliers should never be a bank for big business: ASBFEO
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