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RIN encouraged by Peabody announcement regarding payment terms


Resource Industry Network (RIN) is encouraged by today’s announcement that Peabody will be implementing 30-day payment terms for their supply chain.

RIN general manager Adrienne Rourke says today’s announcement is welcome news for businesses in the resources supply chain, and will help in reducing the use of debt to fund operating costs, making businesses more resilient and responsive to market changes.

“Businesses will be better able to fund intangible inputs such as research and development, and training. These drive the innovation that our sector is famous for,” Ms Rourke said.

“Resource Industry Network has led the discussion on this topic and we are proud of the work our team has done on raising awareness of the impacts of extended payment terms on regional economies.

“We pursued the issue because the overwhelming majority of our membership wanted us to lead the way and highlight the impacts of extended payment terms on individual businesses, as well as local economies.

“The decision by Peabody today is good news for the resources supply chain, and for regional Australia,” she said.

A research report, commissioned by RIN and prepared by Lytton Advisory, has shown that 30-day payment terms increase the opportunities for local jobs, investment in innovation, and money spent in regional communities.

As a peak industry body for the METS sector, RIN has been highlighting the benefits that 30-day or less payment terms have on the supply chain and regional economies, as part of our role in representing the interests of our members and the sector.


Supporting Information - Download the report at: http://www.resourceindustrynetwork.org.au/announcements/report-shows-big-opportunity-being-missed-in-regional-economy-when-adopting-extended-payment-terms

Read the Peabody press release here.

For further information, please contact:

RIN Communications Officer

Jodie Thompson

P: 07 4952 4184

M: 0408 638 968

Email: comms@resourceindustrynetwork.org.au