This legislation establishes the Regional Investment Corporation (RIC). The RIC is an Australian Government provider of low-interest loans for farm businesses, particularly relevant during periods of drought. The purpose is to support the growth, resilience and sustainability of Australia’s agricultural economy.
The objects of this Act are the following:
(a) to ensure that goods that are exported:
(i) meet relevant importing country requirements to enable and maintain overseas market access for goods exported from Australia; and
(ii) comply with government or industry standards or requirements relating to the goods; and
(iii) are traceable and, if necessary, can be recalled;
(b) to ensure the integrity of goods that are exported;
© to ensure that trade descriptions for goods that are exported are accurate;
(d) to give effect to Australia’s rights and obligations relating to goods that are exported under any international agreements to which Australia is a party
This legislation mandates Australian businesses with an annual consolidated revenue of at least AUD$100 million to provide annual modern slavery statements. These statements must address must set out the reporting entity’s actions to assess and address modern slavery risks in their global operations and supply chains. Voluntary statements can be provided by entities which do not meet the thresholds for mandatory reporting. However, once an entity has volunteered to report and the related reporting period commences, they are bound as though they are a mandatory reporting entity. An alternative for voluntary reporting is to publish the statement on the organisation’s website.