Business payment register axed, voluntary code coming

Andrew Bayly said MBIE had to be stopped spending millions of dollars. (Image: BusinessDesk)

Wed, 06 Mar 2024

An imminent move to force large businesses to record their payments' performance on a central register is being stopped by the government.A bill repealing the Business Payment Practices Act 2023 was set to pass in parliament on Wednesday afternoon, small business minister Andrew Bayly arguing it would save the taxpayer and individual businesses millions of dollars.Bayly said proposals for a voluntary payments code of practice and more stringent requirements on the public sector would be a better approach than the central register...

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