The Business Council of Australia has led the development of the Australian supplier payment code. The code is a voluntary initiative to ensure small business suppliers are paid promptly and on-time.
The code commits signatories to:
- pay eligible Australian small business suppliers on-time and within 30 days of receiving a correct invoice, and
- help suppliers implement new technologies and practices to speed up invoicing.
Paying small business suppliers on time is critical to easing stress, supporting their ability to expand, keep healthy cashflows and employ more people.
The relationship between small, medium and large business is worth about $500 billion a year to the Australian economy. When the entire business ecosystem thrives, the whole country thrives.
Any business, not-for-profit or government organisation can sign-up to the code at any time.