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The Business Payment Practices Act 2023 has been repealed
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The Business Payment Practices Act 2023 has been repealed
The Business Payment Practices Act Repeal Act 2024 has come into force.
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The Business Payment Practices Act Repeal Act 2024:
- repeals the Business Payment Practices Act 2023
- revokes the Business Payment Practices Regulations 2023.
Large entities will no longer be required to collect and disclose information about their payment practices as was required under the Business Payment Practices Act 2023.
The Minister for Small Business and Manufacturing, Hon Andrew Bayly, signalled in his Cabinet paper that he intends to address issues around business payment times with non-regulatory measures.
Government to address business payment practices(external link) — Beehive website
Related information
Business Payment Practices Act Repeal Act 2024(external link) — New Zealand Legislation
Business Payment Practices Act 2023(external link) — New Zealand Legislation
Repeal of the Business Payment Practices Act 2023 [PDF 144KB]
Last updated: 08 March 2024