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During the week of 15 September 2025, the Australian Government released multiple reports that are highly relevant for entities preparing for mandatory climate-related disclosures under the Corporations Act 2001 and AASB S2

Mandatory sustainability reporting under AASB S2 will apply to Australian property and corporate entities meeting size thresholds from 2025, requiring disclosure of climate-related risks, emissions, and transition strategies. Early preparation is essential for compliance and to create long-term value.

On 7 November 2024, ASIC released draft regulatory guidance for sustainability reporting.

On 22 August 2024, the Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024 (the Bill) passed the Senate with amendments. From there, it will return to the House of Representatives to approve the amendments, which is expected to go ahead.

Following the exposure draft legislation earlier this year, the Government has introduced a bill into Parliament to implement mandatory climate-related financial disclosure requirements.

On 12 January 2024, Treasury released draft legislation on mandatory climate-related financial disclosures in Australia. Subject to the legislation being enacted by Parliament and receiving Royal Assent by the end of June 2024, the legislation will be in force for financial years commencing on or after 1 July 2024.

The Australian Accounting Standards Board (AASB) has released the exposure drafts of three proposed Australian Sustainability Reporting Standards: [Draft] ASRS 1 General Requirements for Disclosure of Sustainability-related Financial Information; [Draft] ASRS 2 Climate-related Disclosures, and [Draft] ASRS 101 References in Australian Sustainability Reporting Standards.

Explore the dynamic world of ESG (Environmental, Social, and Governance) and its influence on today's regulatory landscape. Learn about sustainability, transparency, and reporting requirements while delving into tax implications. Gain insights into how businesses approach ESG and discover emerging consumer trends in this Navigating the New Normal podcast episode.

There have been some recent developments in the Australian market in relation to mandatory sustainability reporting, which is likely to significantly impact most companies required to prepare general purpose financial reports.

In the fast-moving ESG (Environmental, Social and Governance) movement, the last few years have seen a proliferation of sustainability reporting frameworks all intended to help organisations make meaningful disclosures in relation to sustainability and other non-financial information.