The Queensland government has made two big promises to local small businesses ahead of Queensland Small Business Week.
First, the government said it would reduce invoice payment times from 30 days to 20 days for small businesses, as of 1 July 2020.
Second, the government said it would set a target for government procurement from small businesses.
Over the next 12 months, the government will analyse procurement data so it can figure out a suitable target, according to Small Business Minister Shannon Fentiman.
“With small businesses making up over 97% of all Queensland businesses, it is vital we build on our reforms put in place under the Buy Queensland approach, and other actions, including targeted training for government procurement officers, will open up more opportunities for small business,” she said.
“We will deliver these commitments over the next 12 months to drive opportunities for small business to benefit from our Buy Queensland policy.”
Australia’s small business ombudsman, Kate Carnell, praised Queensland’s plan to reduce payment times – and called on other states to follow suit.
“The federal government has committed to reducing payment times to 20 days by 1 July, and down to five days for small businesses that adopt e-invoicing next year,” she said.
“Last year, the NSW government fast-tracked its payment policy to 20 days and committed to five days by the end of 2019.
“If they can do this for the small business sector, other states and territories should do the same.”
Queensland Small Business Week will be held from 27 May to 31 May.