February 1, 2017

The Invoice Market Report Stirs Australia’s Small Businesses

February 1, 2017

The Invoice Market Report Stirs Australia’s Small Businesses

Step Change, The Invoice Market

Another one of Step Changes clients, The Invoice Market (tim), is making the headlines in this week’s business news. The financier reports that unpaid customer invoices are costing the Australian economy $76 billion, and it’s hindering SMEs to grow.

Contrary to common belief that says it’s big fishes in the industry that don’t pay bills on time, it’s actually small businesses that are making very late payments to other SMEs.

Some businesses are having to ask for payment up to five times over several months, indicating that a new culture of ‘corporate selfishness’ has developed across Australia,” tim CEO Angus Sedgwick said on Monday.

The report further states that mining, hospitality, tourism, and real estate sectors are the biggest bill shirkers.

If this problem is addressed, the report estimates half a million jobs could be created, bringing the country’s unemployment rate down to nearly a zero.

Access the full report here


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