Earlier this month, The Albanese Government has unveiled its response to the statutory review of the Modern Slavery Act 2018, signaling significant reforms to strengthen Australia's response to modern slavery. The announcement comes alongside the commencement of Mr. Chris Evans' five-year term as the inaugural Commonwealth Anti-Slavery Commissioner.
The Government has accepted 25 of the 30 recommendations from Professor John McMillan AO's review, demonstrating a clear commitment to enhancing the effectiveness of Australia's modern slavery reporting framework.
The response focuses on four key areas:
The Government will consult on introducing civil penalties for:
Businesses can expect:
A new system will be developed to identify and declare high-risk regions, industries, products, and supply chains, helping businesses better target their due diligence efforts.
The Government has maintained the existing reporting threshold of A$100 million annual consolidated revenue, providing stability for reporting entities while other reforms are implemented.
The Attorney-General's Department will lead the implementation process through:
Modern slavery remains a critical global issue that deprives victims of their fundamental rights and freedoms. These reforms reflect the Government's commitment to disrupting these crimes and supporting victims while ensuring businesses play their part in addressing modern slavery risks in their operations and supply chains.
Organisations should:
Automic's technology-enabled ESG services can support your business with all aspects of modern slavery reporting and compliance. Our team can assist with:
Contact Automic's ESG team for a consultation or for further information about our modern slavery reporting services.
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