Small and family run businesses are being hit with a whopping $235 billion loss as a direct result of late payments - and one industry is being slammed as one of the worst offenders.
SMALL and family run businesses are being hit with a whopping $234.6 billion loss as a direct result of late payments - and the resource industry is one of the biggest offenders.
A recent report from the Australian Small Business and Family Enterprise Ombudsman found mining companies were the second worst industry for payment terms longer than 30 days, beaten only by the construction industry.
The report also said mining, oils and gas companies were the fourth worst industry in failing to meet contracted payment terms - behind construction, state and local government and the retail sector.
Yes, you read it correctly, beaten only by the construction industry!
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