December 09th, 2014
The final report of the the Financial Systems Inquiry has advised the Federal Government to explore and develop impact investment as an innovative way of potentially funding social service delivery in Australia. The report recommends the Government approach impact investing, where investments generate both financial and social or environmental reforms, with a focus on superannuation and law reform.
Philanthropy Australia CEO Louise Walsh said impact investing was an innovative way of financing social and environmental change, that could neatly complement and amplify existing grant making practices in the philanthropic sector.
“Admittedly the first part of the Inquiry’s recommendation on impact investment, that the Government should explore ways to facilitate development of the impact investment market and encourage innovation in funding social service delivery, is very general. But hopefully in the Government’s response to the Report in 2015 there will be some more specific actions identified. The Prime Minister’s Community Business Partnership could also play a big role there,” Walsh said.
In conversation with Nicole Richards at the Philanthropy Meets Parliament Summit, Daniel Lee shared his insights on topics including the role of philanthropy as a driver of systems change which addresses root causes of social challenges, the relationship between philanthropy and government and what the new political environment in the United States means for philanthropy.
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