19 February 2008
Dun & Bradstreet leads campaign for improved government payment terms
Media Release
Dun & Bradstreet (D&B) has welcomed an announcement from the Rudd Government that it will legislate to ensure all Commonwealth Departments pay suppliers within 30 days.
The announcement follows a three month campaign by Dun & Bradstreet to improve government payment terms to private sector suppliers.
The Labor Party adopted the policy while in Opposition and the new Minister for Small Business, Dr Craig Emerson, has moved quickly to ensure the policy becomes government practice.
According to Christine Christian, Dun & Bradstreet's CEO, the move by the Labor Government has come at a time when businesses will significantly benefit from a boost to their cash flow.
"In the current economic climate access to cash is of paramount importance and the impact of late payments can be devastating," said Ms Christian.
"Small businesses in particular are affected by late payment behaviour as they often lack the and strength to force payment on time and weather this financial burden.
"Given the challenges businesses are now facing, the move to introduce a fairer pay deal should be warmly welcomed by Australian executives."
"Various Ministers and Shadow Ministers have made positive noises about improving government payment practices with little real action. We are extremely pleased to see the new Minister act so quickly."
Business-to-business trade payments have been at alarmingly high levels in Australia since the introduction of the GST in 2000. This has a significant impact on cash flow which in turn is directly related to the long term viability of a business.
"We look forward to seeing significant improvements in business payment terms over the coming months."
For further information, please contact:
Danielle Woods
D&B PR Manager
(02) 8270 2926
About D&B
D&B is the world's leading provider of business-to-business credit, marketing and purchasing information and receivables management services. D&B manages the world's most valuable commercial database with information on more than 130 million companies.
Information is gathered in 193 countries, in 95 languages or dialects, covering 186 monetary currencies. The database is refreshed more than one million times daily as part of D&B's commitment to provide accurate, comprehensive information for its more than 150,000 customers.
The Australasian operations were bought out by the senior management group in August 2001. It was the first MBO of a wholly owned subsidiary in D&B's history worldwide.
Today Lazard Carnegie Wylie owns an approximate 90% stake in DBA and the local management team a 10% stake.
Strategies for future growth include developing DBA's commercial and consumer credit referencing business; expanding its receivables management outsourcing business; maintaining its lead in the development of unique credit and risk scoring products; and developing new products specifically tailored to the Australasian market. DBA currently employs over 500 people in Australia and New Zealand.
