Impact Investing Australia welcomes Financial System Inquiry response
Impact Investing Australia has welcomed the Australian Government’s response to the Financial System Inquiry released today, and the Government’s recognition of the potential for impact investing to benefit taxpayers as well as government.
“We are pleased the Government has taken on board a number of the recommendations of the Financial System Inquiry including exploring how it can facilitate development of the impact investment in Australia” said Rosemary Addis, Chair of Impact Investing Australia.
“The Australian Advisory Board on Impact Investing has provided an excellent foundation and strategy for catalysing the market for impact investing in Australia, and we look forward to informing the preparation of the Government’s discussion paper to develop the opportunities for private capital to deliver measurable social and environmental impact” said Professor Peter Shergold AC, member of the Australian Advisory Board and Chancellor of the University of Western Sydney.
“Impact investing holds enormous potential to address some of our most intractable societal challenges. The Australian Government has a critical leadership role to play to realising these opportunities” said Addis.
“International evidence and local experience demonstrates the powerful effect of government leadership and the difference that policy initiatives and relatively modest government spending, often re-purposing existing spending, can have on catalysing market activity.
“It is pleasing to see that the Government will be establishing an Innovation Collaboration committee. We strongly recommend that impact investing is given some prominence in this forum.
“We also welcome the Government announcing it will develop legislative amendments to provide greater certainty for private ancillary funds wishing to invest in social impact bonds.”
To read Impact Investing Australia’s submission click here.