Small business plays an important role in the Australian economy and the success of Australian businesses. We recognise the importance of prompt payment to all businesses.
CIMIC Group will publish a Small Business Payment Policy for its operating companies, including UGL and CPB Contractors, in coming weeks under which small business suppliers and subcontractors in Australia will be eligible for 30-day payment terms1.
The Department of Industry, Science, Energy and Resources will set up a register of ‘small businesses’. Our Policy will use the register as a basis to identify small businesses. The 30-day payment terms will apply as soon as is practical after the register becomes available and the Policy is published.
The Policy will be implemented progressively at CIMIC Group’s Australian operating companies in the coming months.
We look forward to providing more information to small business suppliers and subcontractors and to providing 30-day payment terms.
1 Or, if the applicable security of payment legislation or contract terms impose a shorter maximum payment period, shorter payment terms in compliance with that requirement.