Modern slavery permeates the global supply chains of Australian businesses supplying goods to the Australian market from overseas. Major retailers, including Rip Curl, Woolworths, Coles and Aldi, have all been implicated in recent scandals involving exploitation in their supply chains.

[....] The federal government recently announced it is considering introducing legislation to prevent modern slavery in domestic and global supply chains. [....] But does Australia need a new law?

The evidence from the UK, is that its Modern Slavery Act is creating momentum and driving change. The law has triggered constructive dialogue and elevated the issue of modern slavery to board level within companies. CEO engagement with modern slavery has reportedly doubled since the act was introduced. It is also raising awareness more generally and has generated significant public debate about the responsibilities of companies. Modern slavery has become a priority issue for both mainstream consumers and, significantly, for investors.

[....] The legislation should be designed to encourage businesses to take decisive steps to eradicate slave labour. The UK act provides a useful model for a potential legislative framework. It should not, however, be imported wholesale and requires improving and refining to fit our local context. While building upon the successes of the UK legislation, it is important that Australia also mitigates against its weaknesses.

Strong business support is emerging in Australia for legislative measures to tackle modern slavery, with recent endorsements by the Business Council of Australiaand Wesfarmers. [....] The Australian government must not wait for another Rana Plaza tragedy before acting. As a wealthy, stable nation, we should show regional leadership and take steps to remedy the wrongs in our systems of supply.