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|Payment times climb after record lows|
|Thursday, 21 July 2016|
The recent trend of increasingly faster payment times stalled during Q2, with Dun & Bradstreet’s Australian Trade Payments Analysis revealing businesses in all states recorded a slight increase in the time taken to settle invoices. The result for the three months to June 2016 pushed the national average slightly higher at 44.9 days, still well below the corresponding 2015 result of 49.2 days. However, the rise marks the first increase in average payment times since the first quarter of 2015.
The results were gathered prior to the Federal election results, and on a global level they also predate the recent market upheaval triggered by Brexit. The Reserve Bank of Australia’s May rate cut was expected to have a positive impact on payment times, but if anything businesses appear to have gone the other way, extending the time taken to settle invoices and ending an almost unbroken two-year run of consistently falling payment times.
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