Late payments 'cost Aust businesses $1.1b'

Late invoice payments cost small businesses an estimated $1.1 billion last year, Xero says. (David Crosling/AAP PHOTOS) (AAP)

Late payments cost Australian small businesses an estimated $1.1 billion last year, based on what they could have earned on the money, a cloud accounting platform has found.

Some 48 per cent of invoices issued by Australian small businesses in 2021 were paid late, on average by 6.4 days, according to its research.