It's estimated modern-day slavery affects more than 4000 people in Australia, a federal parliamentary inquiry has been told.
The figures were discussed on Friday in Sydney as mining magnate Andrew "Twiggy" Forrest made an impassioned plea urging the federal government to introduce anti-slavery legislation.
"I would like to assure every single Australian out there that modern slavery sadly is a fact of life here in Australia," Mr Forrest told the joint committee examining the issue.
Domestic and migrant workers in the seafood and agriculture processing sectors and sex industry are the most affected.
"That's the tip of the iceberg and that's no exaggeration," Mr Forrest said.
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According to the 2016 Global Slavery Index, an estimated 45.8 million people are in some form of modern slavery worldwide.
More oversight is needed to ensure Australian companies are held responsible for exploitation in their supply chains, particularly in the Indo-Pacific region.
"Unfortunately those tens of millions of people serve the interests of Australian consumers who unwittingly keep people enslaved in other parts of the world," Mr Forrest said on Friday.
Legislation was recently introduced in the UK that requires large companies to provide annual reports that set out the steps they've taken to ensure their supply chains of free from slavery.
Mr Forrest said Australia needs to adopt similar laws and appoint an independent anti-slavery commissioner.
However, he discouraged imposing heavy penalties on businesses who don't self-audit.
"The prospect of severe penalties for industries who do look for slavery in their supply chains and find it is the exact reason why they won't look," he said, arguing companies should be encouraged to do the right thing.
The Fortescue Metals Group chairman set up his own anti-slavery advocacy group, the Walk Free Foundation, after discovering one of his company's suppliers in the Middle East was "trapping employees" in slave-like conditions.
Last month he donated $400 million to a number of causes - including $75 million to eradicate slavery - in what was the single biggest philanthropic donation in Australia's history.
Mr Forrest has urged the federal government to lead by example and use suppliers who properly audit.
