State to pay bills on time

SMALL businesses across the Southern Downs now have access to greater financial security with the introduction of a new late payment policy that ensures the State Government pays its bills on time.
Member for Southern Downs Lawrence Springborg said the decision would guarantee payment to government suppliers within 30 days, or gain interest on the amount they are owed.
“We promised to remove red tape and ease the burden on small businesses and I’m happy to be delivering that for the operators in Southern Downs,” Mr Springborg said.
“Now, if government departments don’t pay within the stipulated 30 days settlement period, they’ll face penalties.
Mr Springborg said cash flow was vital to the operations of small businesses in Southern Downs and this new policy would go a long way to keeping the local economy moving, providing certainty and the right environment for job creation.
The Queensland Government will monitor interest penalty payments and publish them on its open data site on a quarterly basis.
Mr Springborg said the late payment policy was a key election commitment to support small business.
“As well as improving cash flow for small businesses, this policy will also lead to enhanced payment performance by government department,” Mr Springborg said.
Participation in the late payment policy will be optional and applies to contracts up to $1 million, which have been submitted on correctly rendered undisputed tax invoices.
The changes took effect on Monday, 1 July.