On 1 January 2021, the Australian Government introduced the Payment Times Reporting Scheme under which large businesses and certain government entities with total annual income more than $100 million are required to report information on their payment terms and practices in relation to their small business suppliers.
The Debtplacer Retail Payment Times Report takes a detailed look at the industry payment data across states, sub-categories and best and worst performing companies within the retail industry.
The retail sector has experienced significant challenges over the last two years which have had lasting impacts on the financial health of many companies within the industry. Dramatic shifts in consumer confidence, supply chain disruptions and pandemic closures have impacted payments for retailers and suppliers alike. The payment reporting data shows that on average, retail operators paid at least 28.5% of invoices outside of their standard payment terms in the first half of 2021.
Debtplacer has compiled this report to enable businesses to make more informed decisions when it comes to industry benchmarking or deciding who to do business with. If you are experiencing problems with overdue invoices the Debtplacer platform allows you to list debts, compare collection fee proposals, and through reduced administration, improve the time it takes to get paid.