Prior to 30 June 2022, Gadens provided an update for businesses required to report under the Modern Slavery Act 2018 (Cth) (Modern Slavery Act).
The article (which can be accessed here) set out:
With 30 June 2023 now approaching, businesses should have taken steps to assess and review their third-year progress, and complete their modern slavery statement prior to the deadline (or commence this as soon as possible before the relevant reporting date in order to prepare and lodge their modern slavery statement).
Businesses should also be mindful that the Federal Budget 2023-24 (specifically Budget Paper No.2: Budget Measures) has allocated $8 million over 4 years from 2023-24 (and $2 million per year ongoing) to establish an Anti-Slavery Commissioner to work across government, businesses and society to support compliance with the Modern Slavery Act to ‘improve transparency in supply chains and help fight modern slavery in Australia and abroad.‘
The establishment of the Anti-Slavery Commissioner, along with a targeted review of modern slavery offences currently being undertaken by the Federal Government, aims to support compliance with the Modern Slavery Act (including introducing penalties for non-compliance).
While further details are yet to be finalised and released, for those businesses that met the threshold requirements for modern slavery reporting (being ‘an Australian entity or an entity that carries on business in Australia with a minimum consolidated revenue of $100 million’) this will mean more onerous obligations and oversight of supply chains and operations moving forward.
Gadens is able to assist you with any queries you have in respect of modern slavery reporting obligations including advising on and preparing modern slavery statements.
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Louise Rumble, Partner
Nakita Rose, Lawyer