The Albanese Government is continuing to strengthen supports for Australia’s 2.66 million small businesses by extending vital assistance programs and driving faster, fairer payments from large companies.
From 1 July, the Government will deliver $8 million in additional funding to extend the NewAccess for Small Business Owners (NASBO) and the Small Business Debt Helpline for another 12 months.
Since launching in 2021, NASBO has supported more than 8,000 small business owners nationwide with free, confidential mental health assistance delivered by trained coaches with small business experience.
The Small Business Debt Helpline provides free, independent, and confidential financial counselling to small businesses experiencing financial hardship, helping owners manage cash flow pressures, negotiate with lenders and suppliers, and make informed decisions about their future.
These measures complement other initiatives the Albanese Government is delivering to ease the pressure on small business, including extending the Instant Asset Write Off, delivering further tax cuts benefiting 1.5 million sole traders, and providing $5,000 apprentice incentives in priority sectors.
New data from the Payment Times Reporting Regulator highlights progress on payment times, while also showing where more improvement is needed.
Under the Payment Times Reporting Scheme, large businesses with annual consolidated revenue above $100 million are required to publicly report how quickly they pay their small business suppliers.
The January update shows Commonwealth entities are leading by example, paying small business invoices in an average of 16.4 days, significantly faster than the national average of 27.4 days.
To strengthen accountability, the Regulator has contacted more than 1,300 large entities suspected of failing to meet their reporting obligations, resulting in hundreds of missing reports being lodged and warning letters issued. Infringement notices have also been issued for the first time under the Scheme.
The Regulator is also implementing new powers which may see the slowest 20 per cent of small business payers receive formal directions to disclose details of their poor payment practices on their website and other company documents.
A new Payment Times Reporting Portal will launch in February to streamline reporting requirements and reduce red tape for businesses doing the right thing.
Quotes attributed to the Minister for Small Business, Anne Aly:
“Australia’s small businesses are at the heart of our economy and our communities. They create jobs, support families, and help shape our regions and cities. That’s why the Albanese Government is backing Australia’s record high 2.66 million small businesses to run, grow and succeed. Since we came to Government, Australians have established 26,000 new businesses every month, a clear sign of ambition, resilience, and belief in the future.
“Employing 5.2 million people, Australia’s small businesses contribute almost $600 billion to our nation’s economy every year. This additional funding ensures small business owners can access free mental health and financial counselling support when pressures mount. No one running a small business should feel like they have to carry it alone.
“Cash flow matters. Getting paid on time can be the difference between surviving and thriving. Large businesses with annual consolidated revenue above $100 million have a responsibility to pay their small business suppliers fairly and promptly.”