The Modern Slavery Bill 2018 has passed through the House of Representatives and has become law.
The Australian Government has welcomed the passage of the Bill which will require more 3,000 large businesses and other entities to be transparent and accountable about their modern slavery risks.
Importantly, the Commonwealth will lead by example by publishing an annual whole-of-government modern slavery statement addressing these risks across government operations and supply chains.
Assistant Minister for Home Affairs, Senator the Hon Linda Reynolds said the Bill is a historic moment for Australia and will help abolish modern slavery within our communities.
"The implementation of the Modern Slavery Reporting Requirement means entities with more than $100 million in annual consolidated revenue will be required to publish annual statements explaining their actions to address modern slavery risks in their operations and supply chains," Assistant Minister Reynolds said.
"The passage of this Bill also means Australia is now the first nation to recognise orphanage trafficking as a form of modern slavery.
"Reporting entities with activities or supply chains which support orphanages will need to assess and report on any risks relating to modern slavery in these operations."
The Government will also establish an online public register for all statements.
This landmark initiative will promote transparency and ensure the community can easily access and compare statements.
Entities covered by the reporting requirement will begin reporting from 2019, with the first statements due in 2020.
The Government will continue to work business and civil society to provide detailed guidance for businesses about how to comply.