LNP outlines small business plan for Flynn
THE next Federal election is drawing near and the PR machines of both the major parties are kicking into overdrive as they lay out their plans for the future of Flynn.
Small businesses in the Burnett shouldn't have to wait months to be paid for work already completed and deserve to know that the commercial partners they engage with are paying on time.
That's the sales pitch from Ken O'Dowd who said the Coalition, if re-elected, would be "taking action to ensure small businesses in Flynn get paid on time.”
"Cash flow is crucial to the prosperity and health of any business,” Mr O'Dowd said.
"Not being paid on time can have a negative impact on competitiveness; increase the cost of doing business and places significant stress on small business.”
The proposal would require businesses with turnovers above $100 million to publicly reveal how quickly they pay small businesses for their services.
Trade between small, medium and large businesses totals more than $550billion per annum and the new "Annual Reporting Framework” would cover 3,000 of the largest businesses in Australia, including foreign companies and government entities.
According to Mr O'Dowd, it would enable small business owners in Flynn to engage with large companies with greater confidence, knowing when they can expect to see the money.
Other proposed changes outlined in the Coalition's plan to boost domestic trade and assist small business include:
- Reduce the time the Government pays invoices worth under $1 million from 30 days to just 20 days (by July 1, 2019).
- Require large businesses seeking to tender for government contracts to match the above policy.
- Help small and medium sized business compete for government contracts through a commitment to have 35 per cent of all contracts up to $20 million delivered by small businesses.