Today, the Minister for Small Business released the Ministerial Statement of Expectations for the Payment Times Reporting Regulator. In response to the Ministerial Statement of Expectations, the Regulator published their Statement of Intent outlining how they will meet the Australian Government’s expectations.
Updating the statements marks a new era for the Regulator and recognises their important role in incentivising faster and fairer payment to small businesses by shining a light on large business’s poor payment performance and highlighting exemplars with good payment practices.
The Statement of Intent provides a roadmap on the delivery of the Regulator’s new functions including publishing a fast payer list on the Payment Times Reports Register, providing new data and tools for users to understand payment times information and undertaking research into the drivers of payment conduct and barriers to better payment practices.
The Statement of Intent also reinforces the Regulator’s commitment to integrity, professionalism and best practice regulation by:
- continuously improving and building trust by being transparent with our regulatory approach and responsive to feedback and changes in our operating environment
- taking an intelligence informed and risk-based approach to our compliance and enforcement actions, and
- demonstrating collaboration and engagement by providing regular opportunities for genuine consultation and engagement with regulated entities and other stakeholders.
To see the statements in full go to: