The Commonwealth Modern Slavery Act 2018 (MSA) entered into force on 1 January 2019.
The MSA has established a national Modern Slavery Reporting Requirement (reporting requirement) aiming to support Australian businesses to respond to modern slavery and increase information available to consumers and investors by providing a practical, risk-based framework for transparency.
Reporting entities are required to publish annual Modern Slavery Statements detailing their actions to address modern slavery.
This will increase business awareness of modern slavery, reduce modern slavery risks in Australian goods and services, and drive a business 'race to the top' to improve workplace standards and practices.
FURTHER DETAIL
As outlined in the official FACT SHEET prepared by the Department of Home Affairs, key features of the reporting requirement include:Application to a broad range of entitiesCoverage of the Australian GovernmentReporting on all modern slavery practices A Government-run, public central repositorMandatory reporting criteria A reporting threshold of $100 million annual consolidated revenueSupport and assistance for reporting entitiesClear and comprehensive guidance for businessCommitment to a review of the reporting requirement and its effectivenes
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