The Australian Government has released its response to the 30 recommendations contained in the May 2023 report of the statutory review of the Modern Slavery Act 2018 (Cth).

The Response agrees, or agrees in principle, to 25 of the 30 recommendations contained in the Review and notes 5 recommendations.

While these reforms are under consideration, the Government will not lower the reporting threshold from A$100 million to A$50 million as recommended but will reconsider the appropriate threshold at the next review of the Modern Slavery Act.

The Government will develop an optional template for statements to further support reporting entities and streamline the preparation of statements. The optional template will provide a standardised
format for statements and outline information that should be included in statements. The Government will develop the optional template alongside consideration of enhancements to the Register and the potential introduction of a mandatory coversheet, which would require entities to list where in their statement they have addressed the mandatory reporting criteria.

The Attorney General’s Department will consult on the introduction and operation of penalties, and related regulatory powers.

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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.