Small businesses who supply goods and services to larger businesses working for the NSW Government are to be paid within 20 business days under a new pilot program from the Office of the Small Business Commissioner.
Minister for Finance and Small Business, Damien Tudehope said the Office’s current Faster Payments policy focused on paying small businesses with Government contracts within five business days.
“The pilot program will look at extending the policy to ensure larger companies providing goods and services to the NSW Government also pay their suppliers in a short timeframe,” Mr Tudehope said.
“[The State] will work with many suppliers to pilot the policy,” he said.
“This will help the Government to gain insights on policy parameters, including the definition of small and large businesses and other implementation measures.”
Mr Tudehope said the pilot program was expected to be completed by June and a Government-wide policy was expected to be introduced following the pilot program.
“Faster payments help businesses stay in business and that helps keep people in jobs, which is really important as we plan for a post-pandemic future,” the Minister said.
Further information on the Office of the Small Business Commissioner’s current Faster Payments program can be accessed at this PS News link.
