The problem of late payments to small businesses from government and big firms is getting worse, with owners saying it not only hits their profitability but also affects their mental health.
A survey linked to a Australian Small Business and Family Enterprise Ombudsman inquiry into late payments found 60 per cent of small businesses say the problem has worsened in the past 12 months.
The ombudsman says it is becoming quite clear big businesses, especially multinationals, are exploiting the power imbalance in their relationship with people who are not in a position to argue for better terms or to demand immediate payment.
Share
