Our Asia Pacific Employment & Compensation team is pleased to share our quarterly update, which highlights key employment law changes across the Asia Pacific region in the first quarter of 2023.
In this employment update, our team sets out key Australian employment law changes employers should be aware of in relation to the following topics:
• Discrimination, harassment and psychosocial risks
• Workplace flexibility and parental leave
• Pay secrecy
• Fixed term contracts/temporary agreements
• Collective Industrial Relations changes
The Australian Securities and Investments Commission has provided updated guidance on the updated breach reporting regime applicable to Australian Financial Services Licensees and Credit Licensees. ASIC’s updated guidance is set out in a new version of Regulatory Guide 78, ‘Breach Reporting by AFS Licensees and Credit Licensees’ (RG 78), published 27 April 2023.
On 31 March 2023, the Australian government released draft legislation and an explanatory memorandum regarding a new anti-avoidance measure, which prevents large multinational enterprises from claiming tax deductions for payments relating to intangibles “connected with low corporate tax jurisdictions.”
Baker McKenzie’s Asia Pacific Employers’ Forum took place in Singapore on Thursday, 27 April 2023. You can access a number of related resources relating to employment issues and trends.
Baker McKenzie’s Sanctions Blog published the alert titled Blog Series: Sanctions Enforcement Around the World, the Australian Perspective on 27 April 2023. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
The Ministry of Commerce of China initiated an antidumping and countervailing duty administrative review of barley from Australia, effective from 14 April 2023. For all Australian barley exporters, this is an opportunity to revoke the existing antidumping and countervailing duties and resume exportation to China.
Join us for a four-part webinar series as our US moderators welcome colleagues from around the globe to share the latest labor and employment law updates and trends. US-based multinational employers with business operations in Asia Pacific, Europe, the Middle East and Africa, and the Americas regions will hear directly from local practitioners on the major developments they need to know, and come away with practical tips and takeaways to implement.
Under current Australian arrangements, the “Safeguard Mechanism” requires Australian facilities that produce over 100,000 tonnes of carbon annually (or an equivalent amount of greenhouse gases), known as “Safeguard Facilities”, to keep their net emissions below a baseline (or ceiling), which has been determined on a facility specific basis. To meet its international commitments to achieving net zero emissions by 2050, the Australian government has proposed changes to the operation of the Safeguard Mechanism with the effect of reducing carbon emissions over time. Those proposed changes have now been extended to secure the political support required to enable the passage of these legislative reforms through federal parliament.
The Australian Federal Government is consulting on a new financial reporting requirement for public companies (listed and unlisted) to disclose information about their consolidated entities, including their country of tax domicile. The change will apply in relation to financial years commencing from 1 July 2023. Submissions can be made until 13 April 2023.