Home topics news Luke Fossett – General Manager, GoCardless ANZ News News Labor takes aim at late payments with passed bill Yajush Gupta June 10, 2024 The House of Representatives has passed the Payment Times Reporting Amendment Bill 2024, a significant step forward in the Albanese Labor Government’s commitment to improving payment times for SMEs. This reform, backed by $33.4 million in new funding, aims to deliver a much-needed shot in the arm for small businesses by ensuring faster payments, streamlining processes, and reducing administrative burdens. This reform, backed by a $33.4 million investment, tackles a major pain point for small businesses by: Ensuring Faster Payments: Improved cash flow will strengthen the financial health of SMEs. Streamlining Processes: Reduced administrative burdens free up valuable time and resources. Empowering the Regulator: The Payment Times Reporting Regulator gains the tools to enforce compliance and incentivize timely payments across the board, including public recognition of the best and worst payment practices. Benefits for All Stakeholders This legislation responds to the 2023 Emerson Review and underscores the government’s dedication to improving payment times for SMEs. Faster payments benefit everyone in the Australian economy, leading to: Increased Productivity: Improved cash flow allows businesses to invest more in operations. Higher Wages and Profits: A healthier business environment supports growth and prosperity. Expanded Employment Opportunities: Increased economic activity can create new jobs. Luke Fossett – General Manager, GoCardless ANZ said: “The news that payment times reform has successfully passed the House of Representatives is welcome news for