Original article by Jared Lynch, Nick Evans
The Australian – Page: 17 & 20 : 6-Feb-20
Rio Tinto CFO Simon Trott has advised that about 90 per cent of its Australian suppliers will now be paid within 20 days. Businesses with annual turnover of up to $10m will also now be designated as a small supplier, rather than just those which supply up to $1m worth of goods and services to the resources giant each year. Rio Tinto recently shelved its ‘dynamic discounting’ scheme, while Telstra has also reduced its payment terms to just 20 days. Small Business & Family Enterprises Ombudsman Kate Carnell says other large companies should do so.
RIO TINTO LIMITED – ASX RIO, TELSTRA CORPORATION LIMITED – ASX TLS, AUSTRALIA. OFFICE OF THE AUSTRALIAN SMALL BUSINESS AND FAMILY ENTERPRISE OMBUDSMAN