News

Bills paid slowly across all industries and mines the worst

Geoff Potter

CHAMBER of Commerce and Industry Queensland has hit back at results from a report suggesting mining companies are bad at paying their bills.

The Dun & Bradstreet Trade Payments Analysis report showed mining companies were the slowest to pay their bills, with many waiting up to 56 days.

CCIQ senior policy analyst Megan Johns said feedback from chamber surveys in the last 18 months indicated issues with paying creditors was a widespread problem across all industries.

"It's also more so a factor of a cascading effect on businesses.

"If a business at the top of the supply chain either goes bankrupt or fails to pay then every business along their supply chain down the line also has cash flow challenges and is put in a position where they might not be able to pay their creditors."

Mackay Chamber of Commerce chairman Tim Miles said if companies that serviced mines followed the correct procedures they would be paid promptly "90% of the time".

He said mining companies had set procedures to follow for payments, and businesses needed to play by the rules.

"Companies need to be proactive about making sure their invoices are going to get paid ... you can't just send them off and expect the money in the bank with mining companies," he said. "It's also important to negotiate trading terms when you actually win the job ... and not after you finish the job.

"It's a lot safer dealing with mining companies than other businesses because if you do what's required to be done and follow the correct procedures you'll get your money."

Topics:  bills chamber of commerce and industry queensland mining companies



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