Payment time reports to pressure business

Big businesses will have to report on how quickly they're paying their smaller suppliers under new laws before parliament.

Late payments are a persistent problem for the nation's 3.4 million small businesses and can have a big impact on their cashflow.

"Now it's time for big business to step up," Industry Minister Karen Andrews told parliament on Wednesday.

Once the laws pass parliament, businesses that take in more than $100 million a year will have to report their progress every six months, starting from January 2021.