Large businesses doing work for the NSW Government may be asked to pay small business subcontractors in 20 business days. How would this proposal affect your business?
We want your thoughts on what it would take to make this proposed policy work.
Cash flow is vital to small businesses and can be affected by things like droughts, floods, COVID-19 and extended payment terms from larger businesses, including those that have NSW Government contracts.
We are not proposing to change the rules for business that are regulated under the Building and Construction Industry Security of Payment Act 1999.
Your input will help us to assess and shape the proposed policy.
Thank you to everyone who contributed before the call for input closed on 8 April 2021. We are reviewing the feedback.
The survey attracted responses from people in a range of industries from metropolitan and regional areas and the quick poll shows more than 90 per cent support the proposed policy.
Your feedback contributed to development of a new policy for large businesses on NSW Government contracts valued at $7.5 million or more. The Small Business Shorter Payment Terms Policy means those large businesses must pay small business subcontractors within 20 business days.
CLOSED: The survey period has now closed. Thank you for your feedback.
