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



Join the Community.

Get your local news, your way.

Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

The Bard returns to Tyalgum

STRONG DEMAND: Zeph Innisfree, Veriste Ferrari and Delphi O'Heart performed in Flutterbies’ last Shakespearean production, A Midsummer Night’s Dream.

Tyalgum's Flutterbies will turn into a Shakespearean stage in June

Tennis great loves our courts

Australian tennis great John Fitzgerald OAM with the North Coast side at the NSW PSSA Championships at Arkinstall Park on Wednesday.

Offering some of the best tennis courts in Australia.

Gold Coast local taking on the Globe

MB Imagery & Photography. Diamond Diversity.

Gold Coast local taking on the Globe

Latest deals and offers


Federal Police Defuse Dance Bomb

Australian Federal Police respond to "threat" in Canberra.

Australian Federal Police respond to "threat" in Canberra.

NSW Police join Dance Challenge

NSW Police show their moves at Manly Wharf.

Manly Wharf is the backdrop to NSW Police running-man dance entry.

Scotland Police accept Dance Challenge

NZ Police doing the running man dance.

Australian Federal Police say watch this space but NT Police feel ignored.

How a sacked real estate agent made $725k in four months

Agent is now under investigation by the industry watchdog

VIDEO: Art Deco fan pays $835,000 for Imperial Hotel

No Caption

Iconic "Impy" sold at a bargan price to bidder who loves Art Deco.

RBA warns of future apartment oversupply

Toowoomba: Crest Apartments and Burke & Wills, Ruthven Street ( view from Neil Street) Photo Bev Lacey / The Chronicle

RBA says oversupply of apartments poses risk to household finances