RIN reckons return to 30-day terms needed

A REPORT shows a return to standard 30-day payment terms in the industry supply chain could mean hundreds of new jobs, a $150 million increase in wages and a $250 million boost in Gross Regional Product over the next five years.

RIN reckons return to 30-day terms needed RIN reckons return to 30-day terms needed RIN reckons return to 30-day terms needed RIN reckons return to 30-day terms needed RIN reckons return to 30-day terms needed

Resource Industry Network general manager Adrienne Rourke, former rugby league player Joe Williams and North Queensland Bulk Ports general manager Dr Rochelle Macdonald

The report Economic Analysis of Impacts of Extended Payment Terms, commissioned by the Resource Industry Network, found the mining supply chain and the regions would miss out on new jobs and other significant flow-on economic benefits from the continuation of such practices as 60-day payment terms, so reverting to 30-day terms could have a widespread positive economic impact.

The Mackay-based RIN commissioned the report to show that this specific industry practice was a road block to the growth of businesses in the sector as it  eroded their  ability to invest and employ more people.

The RIN did a survey with six other regional economic development groups in the supply chain last year, with 75% of respondents saying they were affected by extended pa...