In this insight, we summarise the new laws and take a closer look at how the reforms affect particular types of transactions. We also provide some practical tips for drafting and managing contracts affected by the new laws.
On 28 June 2018, the Modern Slavery Bill 2018 (Bill) was introduced into the Federal Parliament. The Bill establishes a mandatory reporting regime, under which large businesses and certain Commonwealth entities are required to report on the risks of modern slavery in their operations and supply chains, and the acts that they have taken to address those risks.
On 21 June 2018, the NSW Parliament passed the Modern Slavery Bill 2018 (Bill) to combat modern slavery. The Bill seeks to do so by a number of means, including by providing for an Anti-slavery Commissioner and providing for mandatory reporting of risks of modern slavery in corporate supply chains.
On 10 May 2018, the Federal Government announced that it will introduce a Modern Slavery Act (Act) in Australia by mid-2018. The proposed Act will require entities above a consolidated revenue threshold of $100 million to report on modern slavery risks in their global supply chains.