Julie Collins (Franklin, Australian Labor Party, Minister for Small Business) Share this | Hansard source

I would like to thank those who have contributed to the debate. I know how important small businesses are to the electorates that we represent. The Payment Times Reporting Amendment Bill 2024 is an important part of the Albanese government's commitment to delivering a better deal for small businesses. The bill implements important amendments to the Payment Times Reporting Act 2020 to level the playing field by promoting fair and timely payments from large businesses to their small-business suppliers. Our government recognises how crucial prompt payments are to small businesses and their cash flow. We are supporting small businesses to support broader economic growth.

The bill introduces a framework of transparency to name best- and worst-paying large businesses. This will create reputational pressure for large businesses, encouraging them to improve their payment times, terms and practices. It is important for the regulator to have appropriate powers to ensure big businesses are meeting their obligations under the act.

This bill broadens the regulator's functions to include undertaking research and publishing analysis on payment performance and practices on reporting entities. This research will identify the causes of slow payment practices and barriers to improvements and will provide the public with tools and data to understand and interpret the payment performance of large businesses. At the same time, this bill reduces regulatory burden for entities covered by the act, streamlining processes and removing inefficiencies from the act.

The reforms in this bill implement the government's response to Dr Emerson's review of the Payment Times Reporting Act 2020 and complement the other measures the Albanese Labor government is taking to support small businesses. Our budget is helping to ease the pressure on Australia's small businesses by providing more than $640 million in practical and targeted support. We're extending the $20,000 instant asset write-off to make it easier for small businesses to invest and grow their business. We will provide further targeted energy bill relief of $325 to around one million eligible small businesses through the energy bill relief fund, which builds on the up to $650 rebate that is being provided this financial year.

The government is investing over $60 million to help small businesses uplift their cybersecurity and digital capabilities. We're investing in free mental health and financial counselling support for small-business owners. We've updated the Commonwealth procurement rules, and small businesses are getting a bigger slice of the $75 billion in contracts the Australian government spends every year. We've made unfair contract terms illegal so small businesses can negotiate fairer agreements with large partners. We've responded to Dr Michael Schaper's review of the Franchising Code of Conduct, supporting changes to ensure a fairer franchising sector by requiring all agreements provide a reasonable opportunity for franchisees to make a return on their investment and provide greater access to low-cost legal advice if disputes occur.

This bill delivers on the government's commitment to improve payment times to small businesses. I am pleased that this important bill will receive support from the opposition and members of the crossbench. I trust members understand how important these reforms are, and I look forward to seeing this bill supported in the Senate. I commend the bill to the House.

Question agreed to.

Bill read a second time.

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