NSW Lower House passes Modern Slavery Bill
The NSW Lower House passed the Modern Slavery Bill, which includes a mandatory reporting requirement for business. This means that the Bill, which has already passed the Upper House, is very likely to enter into law once the Upper House approves the final version.
Key differences to the proposed federal Modern Slavery Act include:
- NSW Act will apply to businesses with an annual turnover of $50m (rather than $100M as per the proposed Federal Act)
- NSW will have an independent Anti-slavery Commisioiner
- NSW Act will have penalties for failing to prepare a modern slavery statement and failing to make it public
- NSW Act will have penalties for provision of false or misleading information.
The NSW regulations may include an equivalency provision so that statements prepared in line with the Federal Act will satisfy the NSW legislation.
Link to the NSW Modern Slavery Bill here.