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New data from the Payment Times Reporting Regulator (PTRR) has revealed that large businesses continue to delay payments to small suppliers, despite the growing economic pressures. The PTRR has responded by launching its inaugural Fast Small Business Payer List, aiming to publicly identify companies that are either meeting or failing to meet timely payment obligations.

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The release of this list comes as a significant move to address the ongoing issue of delayed payments, which has been a persistent challenge for small and medium-sized businesses (SMBs) in Australia. Ian Boyd, General Manager for ANZ at GoCardless, weighed in on the findings, stating, "Yes, we’ve seen the Payment Times Reporting Regulator’s (PTRR) findings and while positive reinforcement is very nice, negative publicity for the biggest offenders may be what it takes to get real change."

Boyd's comments underscore the frustration felt by many small business owners who have been grappling with the financial strain caused by delayed payments. According to GoCardless's recent Pursuing Payments report, nearly half of all business decision-makers have reported longer wait times for payments compared to the previous year. "Now, we're seeing it reflected in the official numbers, with the slowest payers blowing out from 58 to 64 days," Boyd noted. "It’s clear that the late payment crisis in Australia is accelerating."

The ramifications of these delays extend beyond mere inconvenience. Boyd highlighted the broader economic impact, explaining, "The knock-on effects for our economy are serious. More than a third of SMBs have been forced onto credit cards or loans just to bridge cash flow gaps from late payments alone, effectively paying interest on money they're already owed." This financial juggling act not only affects the immediate cash flow of small businesses but also has a ripple effect throughout the supply chain, as these businesses may then delay payments to their own suppliers.

The situation is exacerbated by the significant amount of time small businesses spend on chasing overdue payments. Boyd pointed out that, "When small businesses are losing an average of 78 hours a year chasing invoices instead of serving customers, that's productive capacity being drained from an already stretched economy." This loss of productivity is particularly concerning as businesses strive to recover and grow amidst a challenging economic landscape.

Despite the grim statistics, Boyd remains optimistic about potential solutions. He advocates for the adoption of technology to streamline payment processes, stating, "The good news is this is a solvable problem. Automating payment collection removes the awkward conversations and manual follow-ups that see so many invoices slip through the cracks." With two-thirds of Australian SMBs expressing interest in adopting such technologies, the challenge now lies in converting this interest into tangible action.

Boyd emphasised the urgency of this transition, warning that without swift action, more businesses could face closure. "The challenge now is turning that interest into action before more businesses are forced to close their doors," he said. The PTRR’s Fast Small Business Payer List could serve as a catalyst for change, encouraging large businesses to prioritise timely payments and adopt more efficient payment systems.

As the economic environment continues to tighten, the pressure is mounting on big businesses to address their payment practices. The PTRR's initiative to publicly name and shame late payers may be a step towards holding these companies accountable, ensuring that small businesses receive the payments they are owed promptly.

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New data from the Payment Times Reporting Regulator (PTRR) has revealed that large businesses continue to delay payments to small suppliers, despite the growing economic pressures. The PTRR has responded by launching its inaugural Fast Small Business Payer List, aiming to publicly identify companies that are either meeting or failing to meet timely payment obligations.

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GoCardless has urged the federal government to increase support for small businesses after the House of Representatives voted against a proposed amendment to the Payday Super legislation that would have given employers an additional 18 months to comply with new payment requirements.

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Ian Boyd, GoCardless General Manager ANZ, said the vote means all Australian employers will be required to meet the new obligations from 1 July 2026.

“The vote against the proposed 18-month extension for small businesses to comply with Payday Super legislation means that new requirements will impact all Australian employers from July 1 2026,” Mr Boyd said.

“This is welcome news for workers nationwide. That said, there is an acknowledged increased burden on small business cash flow, and as such, we’d like to see an increase in support for small businesses as we make the transition.”

Mr Boyd said the additional compliance costs come at a time when small businesses are already under significant financial pressure.

“Australia’s 2.7 million small businesses represent 98 per cent of all businesses in the country, and they are currently bleeding money,” he said.

“Our latest data shows that 17 per cent of Australian small-to-medium businesses now lose over $2,500 per month to late payments, up 55 per cent from 2024. One in five SMBs spends six to 12 full working days a year just chasing overdue invoices. The situation has become so dire that 10 per cent of SMBs have considered closing permanently due to payment delays alone.”

Mr Boyd warned that late payments continue to create a “domino effect” across the economy, amplifying the risks faced by businesses already in “survival mode”.

“The scale of the issue is now at a crisis point. It’s a domino effect because if an SMB is getting paid late, it has a knock-on effect for the entire supply chain,” he said.

“When small businesses are already in survival mode, dealing with delayed payments, additional monthly commitments compound the pressure on their cash flow.”

Mr Boyd said policies aimed at strengthening payment systems should focus on both outflows and inflows for small businesses.

“We need to be mindful not to exacerbate the problem of money leaving businesses faster than ever, without putting in measures that improve the rate at which money comes in the door,” he said.

“This is key to ensuring our local industries can continue to make new hires and grow.”

GoCardless data shows that 17 per cent of SMB owners and decision-makers believe that if customers paid on time, they could hire more staff.
A further 11 per cent said they could increase wages, while nearly one in four said timely payments would allow them to invest in new services or business expansion.

“Supporting small businesses to succeed isn’t just good for them, it’s essential for Australia’s productivity and innovation,” Mr Boyd said.

“SMBs are the backbone of our economy, and they deserve policy that helps them thrive, not just survive.”

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• Yes

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GoCardless has urged the federal government to increase support for small businesses after the House of Representatives voted against a proposed amendment to the Payday Super legislation that would have given employers an additional 18 months to comply with new payment requirements.

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In today’s volatile economic environment, relying solely on a single source of income can be risky. Diversifying your income streams can provide financial stability, reduce the risk of financial downturns, and increase your earning potential. This article explores the key benefits of having a diversified income stream and provides strategies for creating multiple sources of income.

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1. Enhanced financial security

The primary benefit of diversifying your income is enhanced financial security. By spreading your income sources, you reduce the risk associated with being dependent on one job or market. If one source falters, others can help buffer against total loss, ensuring financial stability during economic downturns or unexpected events.

2. Increased earning potential

Multiple income streams can significantly increase your total earnings. These can include passive income sources like investments, rental properties, or side businesses. With multiple sources, you are less likely to hit an income ceiling and can potentially achieve financial goals faster.

3. Mitigation of risks

Diversification is a well-known strategy to mitigate risk in investment, and the same principle applies to income. Different income streams often perform differently under various economic conditions. For instance, while a recession might impact earnings from a job, investments in essential goods or services might still perform well.

4. Opportunity to explore new avenues

Creating multiple income streams often encourages individuals to explore new skills, industries, and opportunities. This not only broadens your professional horizon but also opens up new avenues for income. For example, turning a hobby into a part-time business can add enjoyment and profitability.

5. Improved financial resilience

Financial resilience is crucial for long-term stability, and income diversification can significantly contribute to it. With multiple income streams, you are better equipped to handle emergencies, from unexpected medical bills to urgent home repairs, without disrupting your financial planning.

6. Freedom to make choices

When you are not solely reliant on one income source, you gain more freedom to make choices about your work and life balance. This might include pursuing a less stressful job, reducing hours to spend more time with family, or retiring earlier than would otherwise be possible.

7. Continuous learning and adaptation

Engaging in multiple income-generating activities often requires continuous learning and adaptation, which can be intellectually stimulating and professionally rewarding. It keeps you competitive in the job market, enhances your resume, and can provide networking opportunities across different fields.

8. Reducing income fluctuations

For those in freelance or seasonal work, diversifying income streams can smooth out the financial ups and downs that come with irregular earning patterns. This stability is crucial for consistent financial planning and stress reduction.

Strategies to diversify your income

- Invest in real estate to generate rental income.
- Start a side business in an area you are passionate about.
- Invest in the stock market with dividend-paying stocks or mutual funds.
- Develop digital products such as e-books, courses, or software.
- Freelance or consult in your area of expertise to leverage your skills.

By adopting these strategies, you can create a robust financial foundation that not only withstands economic fluctuations but also provides opportunities for growth and personal development.

---

Diversifying your income stream is not just a strategy for the wealthy or entrepreneurial; it is a practical approach to financial well-being that anyone can implement with the right mindset and dedication.

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• Yes

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In today’s volatile economic environment, relying solely on a single source of income can be risky. Diversifying your income streams can provide financial stability, reduce the risk of financial downturns, and increase your earning potential. This article explores the key benefits of having a diversified income stream and provides strategies for creating multiple sources of income.

Write comment (0 Comments) " ["jcfields"]=> array(9) { [1]=> object(stdClass)#11443 (33) { ["id"]=> int(1) ["title"]=> string(17) "Automatic tagging" ["name"]=> string(17) "automatic-tagging" ["checked_out"]=> NULL ["checked_out_time"]=> NULL ["note"]=> string(0) "" ["state"]=> int(1) ["access"]=> int(1) ["created_time"]=> string(19) "2018-08-29 05:26:30" ["created_user_id"]=> int(2355) ["ordering"]=> int(-1) ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#11121 (3) { ["data":protected]=> object(stdClass)#10920 (1) { ["options"]=> object(stdClass)#10922 (2) { ["options0"]=> object(stdClass)#10923 (2) { ["name"]=> string(3) "Yes" ["value"]=> string(1) "1" } ["options1"]=> object(stdClass)#10921 (2) { ["name"]=> string(2) "No" ["value"]=> string(1) "0" } } } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#11120 (3) { ["data":protected]=> object(stdClass)#10918 (6) { ["hint"]=> 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int(1) ["group_state"]=> int(1) ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(72) "/earn-money/salary/the-financial-benefits-of-a-diversified-income-stream" ["image"]=> string(126) "https://res.cloudinary.com/momentum-media-group-pty-ltd/image/upload/v1715632501/pexels-tima-miroshnichenko-6693661_hjlfrj.jpg" ["image_alt"]=> string(53) "The financial benefits of a diversified income stream" } [3]=> object(stdClass)#10901 (57) { ["id"]=> int(18479) ["title"]=> string(59) "Despite losing top spot, Elon Musk rakes in $400,000 hourly" ["alias"]=> string(57) "despite-losing-top-spot-elon-musk-rakes-in-400-000-hourly" ["introtext"]=> string(239) "

Elon Musk, the entrepreneur known for his involvement in a wide range of innovative and technological businesses, has recently been dethroned as the wealthiest individual in the world, with Bernard Arnault of LVMH taking the lead.

" ["fulltext"]=> string(1776) "

However, Musk's wealth and earnings, particularly how much he earns in smaller time frames like seconds, continues to be a topic of fascination.

According to information gathered by Finbold, Musk's net worth was estimated at $198.9 billion as of mid-February 2024. This valuation is primarily derived from his stakes in numerous ventures such as 20.5% in Tesla, 54% in Starlink, 42% in SpaceX, an estimated 74% in X (formerly Twitter), over 90% in The Boring Company, 25% in xAI, and a majority control of over 50% in Neuralink.

Out of these companies, Tesla's 2023 profits, which amounted to $17.66 billion, are the only publicly disclosed earnings. With his 20.5% stake in Tesla, Musk earned $3.6203 billion from the electric car manufacturer.

By dividing Musk's earnings from Tesla by the total number of seconds in a year, it has been determined that he makes approximately $114.80 per second. This translates to an impressive $6,887 per minute, $413,220 per hour, $9,917,280 per day, and $69,420,960 per week.

The significance of Musk's earnings was underscored in the research, despite his recent drop to the second wealthiest person globally. The report stated, "Elon Musk's financial prowess is nothing short of remarkable. Despite a dip in net worth from last year, he remains one of the wealthiest individuals globally, largely due to his diverse array of successful ventures. Through Tesla's electrifying innovations, SpaceX's ambitious space endeavors, and his involvement in various other ventures, Musk continues to leave an indelible mark on the world stage."

Musk's position among the world's wealthiest individuals remains contested by other prominent figures such as Jeff Bezos and Mark Zuckerberg.

 

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Elon Musk, the entrepreneur known for his involvement in a wide range of innovative and technological businesses, has recently been dethroned as the wealthiest individual in the world, with Bernard Arnault of LVMH taking the lead.

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int(1) ["group_state"]=> int(1) ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(76) "/earn-money/salary/despite-losing-top-spot-elon-musk-rakes-in-400-000-hourly" ["image"]=> string(149) "https://res.cloudinary.com/momentum-media-group-pty-ltd/image/upload/v1708043148/Despite_losing_top_spot_Elon_Musk_rakes_in_400_000_hourly_p2a4db.jpg" ["image_alt"]=> string(59) "Despite losing top spot, Elon Musk rakes in $400,000 hourly" } [4]=> object(stdClass)#10900 (57) { ["id"]=> int(18477) ["title"]=> string(96) "Rising unemployment and skill shortages prompt Australian businesses to look globally for talent" ["alias"]=> string(96) "rising-unemployment-and-skill-shortages-prompt-australian-businesses-to-look-globally-for-talent" ["introtext"]=> string(146) "

Australia has witnessed its unemployment rate surging above 4% for the first time in two years, revealed by the latest Labour Force data.

" ["fulltext"]=> string(1520) "

January saw the Australian workforce logging 2.5% fewer hours than in December, hinting at a potential decline in productivity that could adversely affect the nation's economy in the long term.

One of the primary challenges for Australian employers is the significant skills gap present in the workforce. A study by G-P found that 75% of Australian executives surveyed have experienced difficulties in sourcing skilled talent from their existing pools. This discrepancy between the skills available and those required by businesses is impeding the country's ability to fully leverage its labour force.

To address this skills gap, many Australian businesses are broadening their search for talent beyond national borders. Nearly half (46%) of the executives surveyed are exploring the option of recruiting internationally to meet their growth targets and secure top-tier talent. This trend is underscored by the fact that a significant 82% of businesses are actively involved in global recruitment efforts.

Despite the challenges posed by the macroeconomic environment, 73% of Australian businesses are focusing on growth strategies for this year. According to the findings from G-P, thinking globally is deemed essential for sustaining growth into 2024. Businesses aiming to attract and retain the best talent globally are advised to improve their compensation offerings, invest in employee upskilling, and cultivate a workplace culture that encourages global teamwork and collaboration.

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• Yes

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Australia has witnessed its unemployment rate surging above 4% for the first time in two years, revealed by the latest Labour Force data.

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Recent research from the e61 Institute has unearthed significant links between slow wage growth in Australia and obstacles to job mobility, including non-compete clauses, complicated occupational licensing rules, and the affordability of housing.

" ["fulltext"]=> string(2763) "

These barriers could be limiting the potential economic benefits of job switching for workers, firms, and the overall economy.

The study highlights the surprisingly low number of workers seeking better pay through changing jobs, despite Australia experiencing one of its strongest labor markets in recent history. This trend is partly attributed to regulatory challenges and the ongoing impact of the COVID-19 pandemic. "The rate at which workers move between jobs has declined in recent decades. Despite the strongest labour market in decades, job switching rates have only recently risen to a little above the pre-pandemic level," e61's Senior Research Economist, Aaron Wong, conveyed.

Aaron Wong provided insight into the repercussions of such trends, stating, "If people aren’t switching to better jobs in a record-setting labour market, it suggests that there are fundamental issues in the Australian labour market." This observation underscores a critical need for reassessment of current labor market dynamics and policies.

The research further revealed that workers who did switch jobs enjoyed a significant wage increase of 9 percentage points more than those who stayed put, equating to an average annual pay rise of approximately $5,700 for median-wage earners. The benefits appeared even more pronounced among younger workers (aged 21-34), who saw an average wage increase of $7,500 upon switching jobs. In addition, the analysis showed that job switchers in capital cities received higher wage gains compared to their counterparts in regional areas, attributed to the greater employment opportunities available in urban centers.

e61 Institute CEO Michael Brennan emphasized the impact of workplace laws on job mobility, suggesting that "This research suggests that workplace laws could be a barrier to job mobility, which impacts the ability of workers to benefit from job switching." The research pointed to specific impediments such as restrictive non-compete clauses in employment contracts and complex occupational licensing requirements that vary across states and territories.

Furthermore, the study advocated for policy reforms aimed at enhancing labor market dynamism and innovation. Aaron Wong argued for policy changes to "encourage firms to compete more actively for the best workers and make it easier for workers to move between employers," which could mutually benefit workers and employers by aligning top-performing firms with the most suitable workers. Additionally, he highlighted the potential for government policies aimed at fostering entrepreneurship and the startup ecosystem, thereby creating more job opportunities that align with workers' skills and propelling wage growth.

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• Yes

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Recent research from the e61 Institute has unearthed significant links between slow wage growth in Australia and obstacles to job mobility, including non-compete clauses, complicated occupational licensing rules, and the affordability of housing.

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NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> int(1) ["group_state"]=> int(1) ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [2]=> object(stdClass)#11483 (33) { ["id"]=> int(2) ["title"]=> string(14) "Embedded Video" ["name"]=> string(14) "embedded-video" ["checked_out"]=> NULL ["checked_out_time"]=> NULL ["note"]=> string(0) "" ["state"]=> int(1) ["access"]=> int(1) ["created_time"]=> string(19) "2020-06-20 01:43:32" ["created_user_id"]=> int(2351) ["ordering"]=> int(5) ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#11143 (3) { ["data":protected]=> object(stdClass)#11148 (4) { ["buttons"]=> string(0) "" ["width"]=> string(0) "" ["height"]=> string(0) "" ["filter"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#11145 (3) { ["data":protected]=> object(stdClass)#11150 (10) { ["hint"]=> string(29) "Paste your embedded code here" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["type"]=> string(6) "editor" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> int(2) ["label"]=> string(14) "Embedded Video" ["description"]=> string(0) "" ["required"]=> int(0) ["only_use_in_subform"]=> int(0) ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> int(1) ["group_state"]=> int(1) ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(81) "/earn-money/salary/new-findings-link-job-mobility-hurdles-to-stagnant-wage-growth" ["image"]=> string(154) "https://res.cloudinary.com/momentum-media-group-pty-ltd/image/upload/v1708042340/New_findings_link_job_mobility_hurdles_to_stagnant_wage_growth_b7qtgu.jpg" ["image_alt"]=> string(62) "New findings link job mobility hurdles to stagnant wage growth" } }