Aug 02, 2018

Businesses urged to detail extended payment pain

Businesses urged to detail extended payment pain

Mining supply businesses are being urged to make their voice heard as a deadline for submissions to a federal inquiry looms.

The Resource Industry Network (RIN) is encouraging those who have previously stated that extended payment terms were one of their biggest issues, to make the most of this rare opportunity.

Minister for Resources and Northern Australia Matthew Canavan sparked the Parliamentary Inquiry into Mining Industry Support for Regional Businesses in late June and the inquiry committee has invited submissions addressing the terms of reference.

The deadline for those submissions is Friday, August 10.

RIN general manager Adrienne Rourke said businesses could make a confidential submission regarding the impact of the extended payment terms many of the larger mining house and major contractors stipulated.

Ms Rourke said Resource Industry Network had worked hard to get this matter on the government’s agenda and provide the region’s supply chain with the opportunity to demonstrate the impact of cash flow on their financial capacity to invest in growth and innovation when 60-day payment terms were restricting their access to working capital and ability to build new capital.

“To provide an understanding of the depth and breadth the matter is having on the region’s economy, we now need those who have raised this issue, to take the time and write what only has to be a brief submission that states the impact of extended payment terms has on their business,” Ms Rourke said.

To make a submission online visit:
https://www.aph.gov.au/Parliamentary_Business/Committees/House/Industry_Innovation_Science_and_Resources/MiningSector

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