Australian Government urged to leverage impact investing to build back better
No one doubts the magnitude of the task facing the Australian Government and we will need more than what was presented in last night’s budget if we are to address the great social and environmental challenges we are facing.
We need new and innovative social and economic policies to rise to the task. Impact Investing Australia’s CEO Sally McCutchan welcomed a focus on employment but said, “job creation can no longer be a goal on its own. We need to create inclusive, more sustainable jobs and lay foundations for a regenerative economy.”
Building back better starts by designing policy focused on the people it aims to support. We welcome youth unemployment initiatives and funding to support women-founded start-ups and Sally “looks forward to the Government embracing and implementing further initiatives which specifically address the disproportionate impact COVID has had on disadvantaged Australians”.
“The Government is uniquely placed to pull policy levers to enable positive impact.” Changes to superannuation which provide greater transparency and genuinely enable people to exercise choice in aligning their super fund to their values would be welcome. Sally says, “we would encourage the Government to expand their transparency measures to allow members to compare the social and environment impacts of super funds’ investment strategies”.
“Although there were no new impact investing measures in this budget, we are hopeful the May 2021 budget will include a package directed toward the implementation of the recommendations of the Prime Minister’s Social Impact Investing (SII) Taskforce,” said Sally who is also a member of the Expert Panel of the Taskforce. Impact Investing Australia welcomed the Taskforce’s interim report which laid the foundation for the establishment of an impact investing wholesaler.
“COVID-19 has increased pressure on the Australian budget and disproportionately impacted already disadvantaged Australians. More than ever, impact Investing has a critical role to play in driving a return to positive and inclusive economic growth in building back better,” she says.
“Our hope is that the Australian Government takes up the opportunity that is impact investing to enable a reality where every dollar invested builds a better Australia and a better world.”
For more information contact Kadi Morrison on 0439 421 961 or kadi.morrison@impactinvestingaustralia.com