The Business Council of Australia (BCA) today revealed a new voluntary initiative to encourage larger companies to pay Australian small business suppliers within 30 days of receiving an invoice.
Dubbed the Australian Supplier Payment Code, the BCA said in a statement the code “enshrines the importance of prompt and on-time payment for small business suppliers”.
“The code is at the centre of a new age of co-operation and mutual respect between businesses – big and small,” the BCA said in a statement.
“In some cases this will more than halve payment times and help improve the viability and vitality of small business and enhance the ability of business to create jobs.”
Signatories to the voluntary code will pledge to pay suppliers within 30 days, provide clear guidance around payment procedures, and introduce a process to solve payment disputes and complaints.
So far the BCA lists 32 signatories to the code, including Telstra, HSBC, Qantas, Alcoa, and Coca Cola Amatil. The BCA says it will work with Small Business Ombudsman Kate Carnell and state-based commissioners to regularly review the code.
ACCC ruling means internet providers could pass down broadband tax
The Australian Competition and Consumer Commission has ruled that internet service providers will be able to pass down the government’s contentious broadband tax if it is passed into law, reports ITNews.
Earlier this month it was revealed the government had completed consultation on its Telecommunications Reform Package, and attention was drawn to the proposed Regional Broadband Scheme, which would see a minimum $7.09 monthly charge for users on “superfast” fixed-line services.
The fee would be used to raise funds to cover the National Broadband Network’s rollout in regional and remote areas. At the time, it was unknown if the cost would be absorbed by providers, but on Friday, the ACCC revealed it would permit non-NBN high-speed service providers such as Telstra, TPG, Vocus, LBN Co, Opticomm, and OPENetworks to pass the cost on to customers.
“Our view is that the regulated prices based on the NBN prices may not have allowed these network providers to recover their reasonable costs if they were also required to absorb the proposed RBS charge,” ACCC chairman Rod Sims said in a statement.
“One of our main aims has been to ensure that internet retailers and their customers supplied via the non-NBN networks will not be worse off than if they were supplied internet services by the NBN.”
Legislation on the scheme is expected to enter parliament in the coming weeks, reports ITNews.
Domino’s regains slice of Japanese operations
Pizza giant Dominio’s will gain full control of its Japanese operations after outgoing stakeholder Bain Capital revealed it will relinquish its 25% stake in August, reports Fairfax.
Purchase of that stake will be funded by “existing cash resources and bank facilities”, and the company plans to amp up its Japanese store rollout following the acquisition, stating it wants to establish 850 stores in Japan by 2022. Currently, there are 472 Domino’s stores in Japan.
“Japan is an impressive market inside our business. When we purchased the business, Domino’s was the third-largest pizza delivery chain, and in the past financial year we became the market leader in the country,” Domino’s chief executive Don Meij said in a statement to Fairfax.
“We thank Bain for their partnership, and look forward to continuing to grow our business by focusing on continual innovation in food and technology.”