Late payment times down nearly 10 percent
According to the latest analysis by illion, the average late payment time for an Australian business was 12.6 days during the September quarter, down 9.1 percent from 13.9 days during the prior corresponding period. In addition to reducing the length of time for overdue bills, the data shows more businesses are also settling their invoices on time, demonstrating a broad shift in payment behaviour.
“If a company’s annual report is like the yearly medical check-up, then payment data is like Fitbit data. Timely payments are a crucial sign of
business health. They are critical to small businesses running on slim margins, reducing the risk of job cuts and business failures.”
Simon Bligh, illion CEO
“The ongoing high level of late payments in the ACT is linked to the structure of its economy, where the government sector, which is a large
part of the ACT economy, is historically slower than other sectors to pay suppliers.”
Stephen Koukoulas, illion Economic Adviser