Modern Slavery Bill amendments
As Australia continues to refine its stance against modern slavery, the introduction of The Modern Slavery Amendment Bill 2023 marks a significant step forward. Building on the foundations laid by the Modern Slavery Act 2018, this new bill aims to strengthen Australia's commitment to eradicating modern slavery within its borders and beyond.
Key to this bill is the establishment of an Anti-Slavery Commissioner, a role dedicated to overseeing and enhancing efforts against modern slavery. The Commissioner's core functions are set to include promoting compliance with the Act, supporting entities in identifying and mitigating risks, aiding victims, fostering sectoral collaboration, and enhancing community awareness and research.
This initiative underscores the Australian government's dedication to not only addressing but also preventing modern slavery. For companies of all sizes, staying informed and engaged with these developments is crucial, as they will influence how businesses operate and collaborate on a global scale.
The Bill brings several critical recommendations aimed at bolstering the effectiveness of the 2018 Modern Slavery Act. Among the most notable proposed changes is the reduction of the reporting threshold from $100m to $50m in annual revenue. This adjustment is poised to widen the net, bringing a larger cohort of businesses under the purview of the Act and ensuring greater transparency in operations.
Perhaps even more impactful is the introduction of financial penalties for non-compliance or the submission of false reports. This move signals a shift towards more stringent enforcement, holding entities accountable for their role in the global supply chain.
The bill also emphasizes the need for due diligence systems, allowing for more proactive risk management and response strategies. It also grants the minister or commissioner the authority to identify and declare specific modern slavery risks, demanding targeted action from relevant entities.
These amendments are designed not only to enhance the reporting process but also to ensure that it translates into tangible actions against modern slavery.
The bill is also proposing an innovative reporting framework, suggesting that companies may submit a comprehensive statement every three years, with only essential updates required in the interim. This approach balances the need for ongoing updates with the practicalities of reporting, making it more manageable for businesses to maintain compliance and focus on continuous improvement.
An interesting component of the bill is the promotion of collaboration across sectors. By creating partnerships and sharing best practices, the bill aims to create a united front against modern slavery. This collaborative spirit is essential in addressing a challenge as complex and pervasive as modern slavery, which knows no borders.
As we await further details on the implementation of these recommendations, it's clear that the path forward requires collective effort and shared responsibility.
