NSW Social Impact Investment Policy signals changing approach to doing business
Impact Investing Australia has welcomed the NSW Government’s new Social Impact Investment Policy, saying it positions the NSW Government as a global leader for its commitment to using impact investing to help deliver better services and outcomes for people and communities.
Launched today, the Social Impact Investment Policy outlines 10 actions to grow impact investing, including bringing two new social impact investment transactions to market each year and establishing a public database that details the benchmark costs and outcomes for delivering services.
“We are thrilled by the NSW Government’s commitment to growing the market for impact investing and realising the opportunities that come when you bring capital and expertise from different sectors together to address social challenges” said Daniel Madhavan, CEO of Impact Investing Australia.
“In Australia and further afield, economies face growing gaps between societal needs and the ability to pay for them. Governments and philanthropy alone can’t deliver a prosperous and sustainable society and a healthy economy. We need different ways of doing business.”
“NSW is the first government in Australia to put forward to a whole-of-government policy for impact investing” said Rosemary Addis, co-founder of Impact Investing Australia, Chair of the Australian Advisory Board on Impact Investing and Australia’s representative on the Social Impact Investment Taskforce established by the G8.
“Importantly, this policy is focused on delivering better outcomes for people and communities in need which will deliver greater innovation, efficiencies and capital flows. It is consistent with and complements the Australian Advisory Board on Impact Investing’s strategy to build the market for impact investing.”
“We commend the NSW Government for recognising the critical role governments need to play in developing impact investing – both as market facilitators and as market participants.”
Impact Investing Australia was established in early 2014 in response to an industry-identified need to provide leadership, demonstrate demand, and remove barriers to the impact investing market, which is estimated to grow to at least $32 billion in Australia within the next decade.
The organisation is driving the implementation of the Australian Advisory Board on Impact Investing’s strategy, ‘Delivering on Impact’ to build the market for impact investing in Australia.
For more information contact Carly Hammond: 0430 448 422 or email carly.hammondATimpactinvestingaustralia.com