Small Business Minister Michael McCormack yesterday welcomed the Australian Small Business and Family Enterprise Ombudsman's report of its inquiry into payment times and practices for small business. McCormack said the Government would review the Ombudsman's report, noting the importance of cash flow for small businesses. "Sixty, ninety and 120 days are not good enough. Small business should not be used as big business' bank," he said. "My message to big business is clear - negotiate fair terms and stick to those terms." Yesterday also brought news that the Business Council is developing a national voluntary industry code that would ensure small business suppliers are paid within 30 days of issuing a correct invoice. The was recommended in the Business Council's submission to the Small Business and Family Enterprise Ombudsman's inquiry into payment times and practices. The Business Council said, via media release, it wanted to develop such a code in partnership with the Ombudsman and other industry associations, particularly those representing smaller businesses. Business Council chief executive Jennifer Westacott said the voluntary code would provide a framework for better relations between small and large businesses. "Large, medium and small businesses are deeply connected, meaning the long-term success of one depends on the success of the other, as does Australia's overall prosperity," Westacott said. "Our research shows activity between large, medium and small businesses is already worth $520 billion a year, so when we work together more productively, it will not only benefit us, it will benefit the Australian economy as a whole. "We need a culture of cooperation, not compliance." The BCA code will be finalised in consultation with industry and government and will learn from similar approaches in the United Kingdom, United States and other jurisdictions.