Australian businesses are paying overdue bills in the fastest time on record. The average time taken to settle a late payment now stands at the historic low of 10.4 days, down 17.7 per cent on the prior corresponding quarter.
The average late payment time for an Australian business fell to a record 11.0 days during FY2018. The June quarter average represents a 24.9 per cent annual drop, down from 14.6 days in the prior corresponding period.
Late payment times for an Australian business have fallen to their lowest level on record during the first quarter of 2018. The average payment time for the March quarter was 11.7 days, representing a 23.5 percent annual drop during the same period last year.
Late payment times for Australian businesses dropped to their lowest level on record in the final quarter of 2017. The average late payment time for an Australian business was 11.9 days during the December quarter, down 17.5 percent year-on-year.