While reputational damage for companies who do not comply with modern slavery legislation should be sufficient impetus to encourage reporting, the Law Council of Australia will make a submission to parliamentary committee that financial penalties should also be considered. 

The LCA welcomes the requirement to report on modern slavery risks in supply chains, however believes that the proposed act should include a lower reporting threshold, financial penalties for non-compliance, an independent Anti-Slavery Commissioner and a national compensation scheme for victims of Modern Slavery. See their press release HERE.