Home topics news News News SMEs are faring better thanks to speedier payments and robust sales: Xero Yajush Gupta August 1, 2022 The Small Business Index for Australia from Xero increased by 29 points to 156 points, which is the best score ever obtained. The average amount small businesses had to wait before being paid decreased by 3.5 days to 20.1 days, which is mainly responsible for the increase. In February 2022, the Index increased by three points to 102. The sharp drop in payment times is likely due to the conclusion of the fiscal year, and it mirrors a similar change seen in New Zealand and the United Kingdom in March. In terms of the other indicators, wages and sales slowed, while jobs delivered the best result since November 2021. In June, the average time it took for small businesses to be paid was reduced by 3.5 days to 20.1 days. Late payments were also reduced by 2.2 to 4.7 days, a record low for this series, which began in January 2017. While these gains are significant, they are most likely attributable to the end of the fiscal year and may be revised in the coming months. For example, the first report for June 2021 predicted a 2.9-day reduction to 20.1 days, but this estimate has since been changed to 22.4 days. Sales are holding up better in Australia Despite buyers experiencing higher cost-of-living pressures, sales have maintained steady, increasing a solid 10.6 per cent yearly (y/y). All industries