Taking a big stand for small business
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.
It 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.
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.