House debates

Wednesday, 3 July 2024


Payment Times Reporting Amendment Bill 2024; Consideration of Senate Message

4:50 pm

Photo of Julie CollinsJulie Collins (Franklin, Australian Labor Party, Minister for Small Business) Share this | | Hansard source

I move:

That the amendments be agreed to.

I want to thank everyone who's contributed to this important debate. I'm pleased by the broad support that this bill has now received. It's great that members and senators across the parliament have recognised the importance of this positive action the Albanese Labor government is taking to back small businesses. I also want to thank Dr Craig Emerson for his work on the independent review of the Payment Times Reporting Act and thank the many businesses and organisations that engaged in consultations as part of the review process.

Dr Emerson found that the scheme legislated by the former government was a 'poorly functioning reporting scheme', which is why the Albanese Labor government wasted no time in legislating Dr Emerson's recommendations. We know how important cash flow is for small businesses. This bill is an overhaul of the Payment Times Reporting Act 2020 to improve payment times from big businesses to their small business suppliers.

The Albanese Labor government's reforms will increase transparency and identify best and worst payers whilst reducing the regulatory burden on reporting entities. Labor is the party of small business. We stand for fairness for small business, and we're delivering greater fairness for small businesses, which are crucial to our local communities and to the broader Australian economy.

Question agreed to.