In our joint submission to the Attorney-General’s Department we highlight our support of the dual aim of the Modern Slavery Act 2018 (the Act) which is to increase business and government awareness of modern slavery risks, and support entities to identify, report and address the risks.

The Act requires organisations with an annual turnover of over $100m in consolidated revenue to produce an annual modern slavery statement. 

Key points and concerns are raised within our submission and are summarised below: 

• We strongly support the establishment of an independent anti-slavery commissioner, who we see as an advocate and pro-active collaborator with business, state governments and international stakeholders. 
• Many businesses remain unaware that they are captured under the Act. We encourage government to proactively identify and openly communicate with these businesses. This could be through establishing a list of entities required to report.  
• We suggest government considers assurance and/or third-party verification procedures to improve the quality of information and data provided in modern slavery statements. 
• As practices in this space continue to evolve, we recommend regular, ongoing statutory reviews of the Act to ensure that Australia is at the forefront of international modern slavery developments.
• We encourage government to promote outcomes of the Act, share reporting insights and potential future work plans. This transparent, retrospective and prospective outlook could assist in promoting greater confidence and engagement with the Act. Expansion and strengthening of practical guidance will also be key to supporting businesses to improve reporting. 
• As a part of future reviews, we encourage government to consider the Act, its connections to broader requirements of human rights and how it would be incorporated in future sustainability reporting requirements while minimising any potential duplication.

CA ANZ and CPA Australia are both reporting entities under the Act.