Backing Australian small business
29 May, 2017
For more than 200 years Westpac has been backing Australian businesses. Today the bank announced its continued support of small business by signing the Australian Supplier Payment Code. In signing the code, Westpac, along with other large companies, will ensure small business suppliers are paid within 30 days of issuing a correct invoice.
Established by the Business Council of Australia, the new Code will help to manage trade between small, medium and large businesses, which is valued at around $520 billion a year, benefiting the whole country.
Jeffrey Hurdis, Acting General Manager SME Banking and Connect Now, said “Australia’s small business sector is the backbone of our economy. Small businesses employ almost half the Australian workforce and account for 57% of Australia's gross domestic product.”
“As I talk to small business owners across Australia I hear how important payment times are for the future growth of their business. Cash flow is king and that’s why this initiative from the Business Council of Australia is so important. Westpac is proud to be a founding signatory of the new Code, and it’s just another way we’re backing small business. We look forward to implementing it with our many small business suppliers and SME customers.”
The new Code has also been welcomed by the Council of Small Business Australia, which represents more than 350,000 small businesses.