Australian businesses are a tardy bunch, with 60% of invoices settled after the standard 30-day payment period.
Credit information bureau Dun & Bradstreet reports that businesses across the nation took an average of 53 days to pay their bills in the three months to 30 September.
Retailers, miners and utilities were slowest to pay their bills, while the transportation and agriculture sectors tended to settle their accounts more quickly (but still late).
From the report:
Large companies were also the slowest to pay their bills, with those employing more than 500 staff taking an average of 56 days, while businesses employing fewer than 5 staff took the national average of 53 days to pay their bills.
The fastest-paying companies were those employing between 50-199 people, at 49 days, the bureau reported.
Today’s Q3 Trade Payments Analysis reflected a slight improvement from the previous quarter’s 54-day average but Dun & Bradstreet said companies’ financial positions remained fragile because of soft conditions throughout the year.
“If the pace of economic growth accelerates into 2014, payment times are expected to fall as cash flow benefits from business’ willingness and improved ability to pay their bills more quickly,” it reported.
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