As part of the 2023-24 Mid-Year Economic and Fiscal Outlook, the Government released their response to the recommendations from the Statutory Review (the Review) of the Payment Times Reporting Act 2020 (the Act).
The Government response agreed to the recommendations of the Review and committed to a range of initiatives to deliver better outcomes for small businesses and to ensure continuous improvement of payment practices by large businesses operating in Australia.
The Government is now seeking stakeholder views on the exposure draft of the proposed amendments to the primary legislation and the supporting explanatory materials to amend the Act to implement the Statutory Review recommendations.
Further information on how to respond to this consultation is published on the relevant consultation website here.
Submissions will be received up until 29 April 2024.
Enquiries on the consultation can be sent to: paymenttimesreformSMB@treasury.gov.au