Commonwealth Consolidated Acts

PAYMENT TIMES REPORTING ACT 2020 - SECT 3

    The objects of this Act are:

  (a)   to promote timely payment practices by large businesses, certain government entities and volunteering entities; and

  (b)   to foster a culture of prompt payment practices by those entities to:

  (i)   support economic growth; and

  (ii)   improve outcomes for small business suppliers; and

  (c)   to encourage those entities to improve their payment terms, times and practices in relation to their small business suppliers; and

  (d)   to provide for those entities to report on payment terms, times and practices in relation to their small business suppliers; and

  (e)   to improve the transparency of the payment terms, times and practices of large businesses.