14 February 2020 | Reading time: 2 minutes
Australia’s Modern Slavery Bill 2018 (Cth) passed through Parliament on 29 November 2018 with strong support from both sides of the House and the Senate. The new legislation, which will commence in 2019, requires large companies to publish an annual statement on how they assess and address the risk of modern slavery in their supply chains.
Australian entities and foreign entities doing business in Australia with a group annual consolidated revenue over $100 million must publish a statement. Compiling the mandatory information required will take time, with some entities needing to obtain information from thousands of suppliers and sub-suppliers. It is critical that reporting entities start now to prepare for the first reporting period.
Business below the reporting threshold, but part of a larger supply chain, should take immediate steps to assess their supply chains and be prepared to answer questionnaires and information requests from larger customers.
Each statement must:
Reporting entities under the Commonwealth legislation may also be subject to the New South Wales equivalent of the laws which does impose penalties of up to $1.1 million. The reporting threshold is $50 million annual turnover under the NSW legislation.
While the NSW legislation is intended to avoid ‘double reporting’ obligations, entities should obtain advice on how to report as a group and how to meet the requirements under each regime.
Get in touch with Bespoke’s Transport & Logistics group for more information and assistance with preparing for the new laws.