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**Government Reforms to Improve Small Business Payment Times**

Big businesses failing to pay small businesses on time will face public scrutiny as part of new reforms aimed at improving small business payment times. The Albanese Government has unveiled its response to an independent review of the Payment Times Reporting Act 2020, highlighting the need for government intervention to hold large businesses accountable and enhance payment times for small businesses.

The Review has prompted the government to back all recommendations, committing $8.1 million to support various initiatives that will lead to better outcomes for small businesses. These reforms are set to provide a significant boost for small businesses, with faster payment times expected to enhance cash flow, reduce administrative burdens, and lower financing costs.

Furthermore, improved payment times are anticipated to benefit productivity, leading to higher wages, increased profits, and the creation of more job opportunities. The government’s response includes measures such as increasing pressure on big businesses to improve payment times, overhauling the Payment Times Reporting Act 2020, and ensuring payment times are considered in the development of relevant government reforms and policies.

The full Government Response to the Review can be accessed on the Treasury website, while the Payment Times Reports Register is available at register.paymenttimes.gov.au. Minister for Small Business, Julie Collins MP, expressed support for the initiatives, emphasizing the importance of ensuring small businesses are paid on time and acknowledging the comprehensive approach taken in the Review.

AI legalese decoder can assist in comprehending the intricacies of the Payment Times Reporting Act 2020 by simplifying and translating the legal language into plain, understandable terms. This tool can be particularly beneficial for small businesses navigating through the Act’s reporting requirements and processes, helping them better understand their rights and obligations. Additionally, AI legalese decoder can facilitate the interpretation of government reforms and policies related to payment times, providing clarity and insight into the regulatory landscape for small businesses.

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