Minister for Employment and Small Business has again written to Mining Companies this week, calling on them to provide fair payment terms to Queensland's 438,000 small businesses.
"All businesses, big or small, have an obligation to support local communities where they and their employees work," Ms Fentiman said.
"That's why we need to hold large mining companies to account on fair payment terms for their small business suppliers."
"Last year, I wrote to companies in the mining industry urging them to do the right thing and treat the hundreds of small business owners fairly by ending the practice of stretching out payment terms to 90 days and beyond."
"Since then we have seen mining companies such as Peabody, NHP and Stanwell showing their commitment to fair payment terms of 30 days or less and they should be commended - I encourage others to get on board and do the right thing."
Member for Mackay Julieanne Gilbert congratulated the mining companies who have stepped forward and publicly committed to fair payment terms to local small businesses in Mackay.
"It's great to see these large mining companies have joined our campaign to ensure the industry is supporting small businesses and local communities," Mrs Gilbert said.
"But many more have not and I am urging them to make a commitment to provide fair payment terms for small businesses."
"Queensland's Resource Industry Network estimates reverting to 30-day payment terms could add 380 jobs to Mackay and Fitzroy regions alone."
"The impact of extended payment terms slows down the flow of cash in regional economies like Mackay, including limiting the capacity of all business but particularly small businesses to expand and employ new staff."
"All businesses have a responsibility to support the local communities where they and their employees work."
Minister Fentiman said during Queensland Small Business week this year, the Palaszczuk Government made a commitment to move payment times for small businesses from 30 days to 20 days from July 2020.
"I would encourage more companies to follow our example and support our local businesses by providing fair payment terms," Ms Fentiman said.
"The impacts of delayed payment to small and medium business can be huge.
"Recent reports by the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) estimate the cashflow pressure late payments create can cost up to $234 billion in lost revenue – this issue cannot be ignored."
"Regrettably in March this year the ASBFEO said there appeared to be little changed since their first Payment Times Inquiry in 2017 where 1 in 2 respondents reported greater than 40% of their invoices were paid late."
"Proving more action is needed."
