The average late payment time for a New Zealand business has fallen to a record low of 5.2 days. The latest result is 11.7 per cent lower than the same period in 2017 and surpasses the previous record of 5.3 days set in the December quarter 2016.
Late payment times for New Zealand businesses rose 10 per cent during the 12 months ended 30 June 2018. The average
time taken to settle an overdue invoice remained unchanged between quarters at 6.8 days.
Late payment times for New Zealand businesses have increased sharply, according to illion’s latest analysis. The 22 per cent year-on-year spike leaves late payments at their highest level since the September quarter of 2015, but still well below the 2011 peak.
The average late payment times for New Zealand business rose 9.7 percent during 2017. Despite the annual increase, the late payment time for an overdue invoice was 5.8 days in Q4 2017, representing a marginal decline compared to the September quarter.