Late payment times fastest on record
New Zealand businesses are paying overdue bills in the fastest time on record, according to illion’s Late Payments analysis for the September quarter 2018. At 5.2 days, the average late payment time for a New Zealand business has decreased 11.7 per cent year-on-year.
“There was a broad increase in prompt payments in all sectors other than finance, insurance and real estate, whose weakness is linked to the softening in housing since 2017. Across all industries more than 81 per cent of invoices are paid on time, reflecting the strength in the New Zealand economy and indicating technology is an important driver encouraging firms to pay their bills in a timely manner.”
Stephen Koukoulas, illion Economic Adviser