Morrison Government Establishes Social Impact Investing Taskforce
As part of the 2019-20 Budget, the Morrison Government has announced $5 million for the establishment of a Social Impact Investing Taskforce.
The taskforce will examine the Commonwealth’s role in the Social Impact Investing market and develop the next stage of the Government’s strategy for our role in this market, including how these investments can provide solutions for entrenched disadvantage.
Social Impact Investments are made with the intention of generating measurable social outcomes, while delivering a financial return to the investor.
Importantly, Social Impact Investing brings together governments, service providers, investors, philanthropists and communities to tackle a range of critical issues that affect Australians.
The Taskforce, situated in the Department of Prime Minister and Cabinet, will take into account international, private sector and government experience in Social Impact Investing, drawing on the United Kingdom Government’s 2013 approach of establishing an expert taskforce to catalyse the development of the Social Impact Investment market.
Senate Economics Committee Chair, Senator Jane Hume will be assisting the Government in assembling and developing the scope of the taskforce’s work.
The Taskforce will report to Government before the end of 2019.
In the 2019-20 Budget, the Government is also providing $14.1 million over five years to establish three Social Impact Investment trials in the social services sector.
These trials will involve a payment by outcome model where organisations will be funded based on the social outcomes they achieve.
The trials will involve initiatives that seek to increase workforce participation of people who receive income support payments, and strengthen the wellbeing and self-reliance of families with children.
The funding for the Taskforce and the trials builds on the Government’s 2017-18 and 2018-19 commitments to support the Social Impact Investment market in Australia.
Social Impact Investing is an important part of the Government’s commitment in investing in our community, and guaranteeing the essential services Australians rely on.