Jenny McAllister (NSW, Australian Labor Party, Assistant Minister for Climate Change and Energy) Share this | Hansard source

I thank Senator Scarr for his contribution to this debate. The Payment Times Reporting Amendment Bill 2024 is an important part of the Albanese government's commitment to delivering a better deal for small business. This 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 payments are to small business and to their cash flow. We are supporting small businesses, and thriving small businesses support broader economic growth.

The bill introduces a framework of transparency to name best- and worst-paying large businesses. The intention is to create reputational pressures for large businesses, encouraging them to improve their payment times, their terms and their practices. It is important for the regulator to have appropriate powers to ensure that big businesses are meeting their obligations under the act, and this bill broadens the regulator's functions to include undertaking research and publishing analysis on payment performance and practices of 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, the bill reduces regulatory burden for entities covered by the act, streamlines processes and removes inefficiencies in 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 that the Albanese government is taking to support small businesses. I commend this bill to the Senate.

Question agreed to.

Bill read a second time.