This report examines the progress of implementing these principles over the past decade. While progress has been seen, the report suggests that further action is needed. The UN Guiding Principles on Business and Human Rights (Pillar I, II, and III) provides a framework to prevent and remedy human rights abuses by businesses. The report suggests that the Australian Government should do more to encourage active implementation of these principles across various sectors.

The report sheds light on the six most significant business and human rights issues for Australia. These include modern slavery, land rights of Aboriginal and Torres Strait Islander people, climate change, mining, access to remedy, and human rights risks in the finance sector.

The report’s call to action includes recommendations for Australian businesses, institutional investors, and the government to take human rights risks seriously and actively implement the UN Guiding Principles on Business and Human Rights. This includes investing in human rights knowledge, establishing effective grievance mechanisms, and carrying out human rights due diligence. The finance sector should focus on developing a better understanding of the implications of human rights on investments and develop tools to manage human rights risks in their portfolios.

Overall, the report highlights the importance of a collaborative approach from various stakeholders towards upholding human rights in the business sector. It emphasises the need for businesses and investors to build human rights capacity, take an active approach to identifying human rights risks and engage meaningfully with stakeholders to address these risks.