by Alan Thornhill
Australian business is taking longer to pay its bills.
This is hitting small business very hard
The accountancy firm, Dun and Bradstreet, reports that the number of payments falling within the standard 30-day term fell 16.5 per cent in the June quarter.
Dun & Bradstreet Director, Adam Siddique, said cash flow issues within the small business sector would have “a significant knock-on effect to the rest of the economy.”
“It is particularly concerning that small to medium enterprises are waiting longer to be paid, ‘ Mr Siddique said.
They, in turn, would take longer to pay their own bills.
“Trade credit constitutes a significant and critical portion of non-banking finance,” he added.
“ When this is delayed, it withholds millions of dollars from businesses and the wider economy,” Mr Siddique warned.
Alan Thornhill is a parliamentary press gallery journalist.
Private Briefing is updated daily with Australian personal finance news, analysis, and commentary.
Thursday May 23
The Dow Jones Index fell 80.02 points to 15,307.60
Ford Australia says it will close its Australian manufacturing plants in October 2016. Some 1,200 jobs to go.
Hazel Hawke dies at 83
A British soldier is hacked to death in the London suburb of Woolwich, in an apparent terrorist attack
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