Mandatory Sustainability Reporting in Australia: UPDATE
UPDATE: The Australian Government has delivered on its promise to mandate sustainability reporting for corporations, by introducing the “Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill” into parliament.
The Australian Government phased approach to these reporting requirements has not changed, but the proposed start date for Group 1 will be pushed out by at least six months, from 1 July 2024 to 1 January 2025 at the earliest.
The bill outlines that the start date may vary, as it needs to pass through both Houses of Parliament.
If the amendments don’t pass by June 2025, mandating climate reporting will fall to the next government, as a Federal election is due no later than May 2025.
Even if there is a six to twelve month delay in the start date, first-time mandatory reporting for Group 2 and 3 entities will commence as per the original proposed timeline - Group 2 will be for financial year commencing on or after 1 July 2026 and Group 3 on or after 1 July 2027.
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