The Territory Labor Government is continuing to support small businesses, and from today slashing the payment terms of its invoices under $1 million.

This means businesses will now be paid in 14 business days not 21.

The changes will also make it easier for businesses to submit invoices to Government via an online portal, cutting red tape and streamlining the process of receiving payment.

Government systems and processes have been updated ready for this change, making it easier, quicker, and more efficient to receive payment. Regular monitoring and reporting has been put in place to ensure the new timelines are met.

The NT Government currently processes around 500,000 invoices per year worth $1million or less. 

Today also sees the commencement of the Investment Territory office that will lead a whole-of-government charge in attracting and securing private investment in the Territory.

Investment Territory will pursue investment and make sure investors are supported from their first interest in the NT through to an investment outcome, helping reduce red tape and remove other roadblocks to investment.

Increasing private sector investment creates strong economic growth and more local jobs.

Quotes from the Chief Minister, Michael Gunner:

“Creating local jobs is the number one priority of this Government.

“Our economy is driven by local business, and we are doing everything we can to continue investing in jobs for Territorians by supporting local business.

“This is why we have implemented several significant reforms to strengthen Buy Local conditions, and this is why I am working with businesses to reduce red tape and remove roadblocks to investment.

“Slashing the payment terms for small to medium business is one of the critical ways we can keep cash flowing for small business.

“The change in payment terms means, once the work is done, businesses will have the money in their accounts more quickly – removing that bit of stress from doing business.”

MEDIA CONTACT: Cameron Angus 0404 021 192