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SMALL BUSINESSES TO BE PAID ON TIME, EVERY TIME

Small and family businesses in O’Connor will now receive payment for government contracts under $1 million in 20 days.

Federal Member for O’Connor Rick Wilson said the Morrison Government is backing the 3.4 million small and family businesses that underpin Australia’s economy by ensuring they get paid on time, boosting their cash flow and helping them grow.

“We understand the importance of cash flow to small businesses – cash flow is vital to each and every business. That is why we are doing everything we can to ensure businesses are paid on time,” Mr Wilson said.

A report from Xero last month found half of all payments from big to small businesses were late, totalling more than $115 billion a year.

“It is clear big business needs to do more to pay contracts on time and we will also continue to look at ways to improve this delay,” Mr Wilson said.

“The Government is working to require large businesses tendering for Commonwealth contracts to match the 20-day payment terms.

“Also in development is an annual reporting framework requiring large businesses with over $100 million turnover to publish information on how they pay small businesses.

“Our promise to small and family businesses is clear, we want them to pay less tax, cut red tape and have better access to finance to help grow their businesses.”

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MEET RICK

I was inspired to run for Parliament following my involvement in a decade-long campaign to deregulate the wheat industry, which brought about the end of the Australia Wheat Board’s monopoly.

“I stand proudly for the Liberal philosophy of free markets, vigorous competition, small government and individual responsibility. These are the principles that guide me in my life and in this place. My track record in public life shows clearly that I am prepared to stand up for those principles.”

“To the electors of O'Connor, I reiterate the commitment that I have made to work tirelessly on your behalf, to always be frank and honest about the challenges we face, and to work cooperatively and collaboratively to improve the lives of the people who live in the greatest part of the greatest nation on earth”

– Rick Wilson MP Maiden Speech.