ACCOUNTS PAYABLE – AUSTRALIA

Coles to reduce pay time for suppliers to 14 days

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Original article by Fleur Anderson
The Australian Financial Review – Page: 2 : 3-Mar-17

Small Business & Family Enterprise Ombudsman Kate Carnell will shortly make recommendations on sanctions for large companies that do not pay suppliers promptly. Meanwhile, Coles has committed to reducing its payment terms for many smaller suppliers from an average of 30 days to no more than 14 days. Coles MD John Durkan stresses that the new policy, which takes effect from mid-2017, is being introduced independently of Carnell’s review of payment terms.

CORPORATES
COLES SUPERMARKETS AUSTRALIA PTY LTD, AUSTRALIA. OFFICE OF THE AUSTRALIAN SMALL BUSINESS AND FAMILY ENTERPRISE OMBUDSMAN, RED KELLY’S GOURMET FOODS PTY LTD, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, MARKET INVOICE

Rio’s pay delay gambit may fail

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Original article by Paul Garvey
The Australian – Page: 20 : 12-Apr-16

Mining industry sources doubt that Rio Tinto will be able to enforce its revised payment terms for contractors and suppliers. The resources giant recently advised that it will pay invoices 90 days after receipt, compared with 45 days at present, and up from 30 days in 2015. Some industry watchers have suggested that the new payment schedule is more likely to apply to Rio’s future contracts, as suppliers will need to agree to any changes to existing arrangements.

CORPORATES
RIO TINTO LIMITED – ASX RIO, MONADELPHOUS GROUP LIMITED – ASX MND, WORLEYPARSONS LIMITED – ASX WOR, MACMAHON HOLDINGS LIMITED – ASX MAH, AUSDRILL LIMITED – ASX ASL, NRW HOLDINGS LIMITED – ASX NWH, BRIERTY LIMITED – ASX BYL, BHP BILLITON LIMITED – ASX BHP