James Cook University lecturer Jamie Fellows said the act is nothing more than virtual signalling, or “window dressing”, to appear like Australia is doing something.

“What happens if an Australian firm identifies slavery in its supply chain?” Mr Fellows said. “The act is unclear whether the Australian firm must cease trading with that firm or whether reporting the information is merely ‘FYI’.”

He said other things, such as the lack of requirement to publish lists of non-compliant entities, points to the argument the legislation is effectively a “compromise”.

“In this regard, the Australian Modern Slavery Act could be said to be virtue signalling — a signal that shows to the world that Australia is, to some extent, addressing global scourge of slavery, but only so far as it does not affect the majority of businesses.”

It’s estimated that 40.3 million people globally are subjected to slavery, with 24.9 million in some form of forced labour and 15.4 million in a forced marriage. About 80 per cent of traffic victims are women, which accounts for about 20 million people in the Asia-Pacific.

Australia’s Modern Slavery Act became law this year, making Australia one of the few jurisdictions around the world to have such legislation. It ensures that Australian-based companies are regulating interactions with overseas operations involving slavery.

At the UTS seminar on “A Practical Guide to Modern Slavery”, the interim anti-slavery commissioner for NSW, Jennifer Burn, said the “shocking statistics” has made modern slavery “all the more heart-wrenching and abhorrent”.

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“It can be difficult to know that there are people in society who are experiencing slavery today. These are people you may not have met in your professional practice or in your private lives. These are people who have taken risks just to find work or a better life.”

The NSW Modern Slavery Act ensures all businesses operating in New South Wales with a turnover of $50 million to $100 million are lodging a modern slavery statement. Those in the financial threshold are expected to submit risks they have identified within their supply chains or relationships and address how they will manage the risks.

The financial threshold is an important distinction between the NSW Modern Slavery Act and the Commonwealth Act, according to Ms Burn. She said entities in NSW that do not submit a statement will be open to fines of up to $1.1 million.

Speaking at the same event, UTS Sir Gerard Brennan professor Paul Redmond said it is very important that entities, including law firms, are submitting this statement.

“You need to actually map and identify the actual and potential human rights risks from your operation, your supply chain and your relationships. You need to map it and then you certainly need to address them,” Mr Redmond noted. “Which ones are the most severe? What’s the scope of the risk? Which are the most harmful?”

But Mr Fellows said there are many concerns with these statements: “Companies with $100 million revenue are not subject to the act; there are no penalties for non-compliance and there is no independent body overseeing it.”

He added the legal profession has complained, noting compliance costs are a minimum of nearly $22,000 per year, and many have suggested the revenue ceiling should be raised so the law only applies to the top 100 to 200 law firms.

He did note the law will be reviewed in three years: “This will provide an opportunity to better understand whether it should be amended or left as is. But whether one is critical of the act or not, the legislation is a major step in the fight against modern slavery.”

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