Australia aims to be a global leader in the fight against modern slavery with a new law that builds upon Britain's landmark legislation and demands stronger action from the government and businesses, its foreign minister and lawmakers said on Tuesday.

The country is expected to this year pass a Modern Slavery Act to tackle the risk of forced labor in supply chains, protect people vulnerable to enslavement such as migrant workers, and compensate victims of slavery, politicians said.

Following Britain's world-leading 2015 anti-slavery law, Australia's legislation goes further by requiring public bodies as well as companies to outline what they have done to combat slavery in their supply chains, said Senator Linda Reynolds.