Late payment times for New Zealand are up almost 15% in 12 months, with prompt payment times dipping a massive 78%. Despite this latest increase, New Zealand businesses historically pay on time, compared to Australia.
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 payments for the June 2019 quarter are at record lows, despite a rise from the previous quarter. On a quarterly basis, payment times increased 4.2% from the March quarter but fell 1% compared to the same time last year.
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 the quarters at just 6.8 days.
Late payments followed the usual seasonal pattern, registering a rise to 6.4 days in the March quarter 2019 from 5.1 days in the December quarter 2018 - but remained lower than the 6.8 days recorded in the March quarter 2018.
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 time for a New Zealand business has fallen to a record low of 5.1 days. The result, for the end of the December quarter 2018, surpasses the previous record of 5.3 days set in the December quarter of 2016.
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.