Regulation Impact Statement – Department of Home Affairs
On 28 June 2018, the Government introduced the Modern Slavery Bill 2018 to establish a Modern Slavery Reporting Requirement (reporting requirement) for certain businesses and other entities in Australia.
The reporting requirement will require certain businesses and other entities with more than $100 million consolidated revenue to publish annual statements detailing their actions to address modern slavery in their operations and supply chains. The reporting requirement will apply to Australian entities and foreign entities carrying on a business in Australia.
A Regulation Impact Statement (RIS) was prepared by the Department of Home Affairs and was assessed as compliant and consistent with best practice by the Office of Best Practice Regulation (OBPR).
The Department estimates the average annual regulatory cost at $65.85 million. The OBPR has agreed with this estimate.