Late payment times have fallen further, hitting a record low for a third consecutive quarter and bringing payment times below 10 days for the first time on record. Broad improvements in payment times across most sectors and all states drove this.
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.
The financial distress suffered by the Australian agriculture sector over the past year has been confirmed by a 26% rise in payment times. This is a reflection of the severely adverse conditions faced by drought-blighted farmers in rural areas.
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 payments for Australian businesses remain low by historical standards, falling to 10.5 days in March 2019, compared with 11.7 days during the same period last year. This is the lowest level for March late payments on record.
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.
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.