Leaders in the social investing scene hope the new government will release and act upon recommendations in a taskforce report ignored by Scott Morrison.
But there is hope Labor might be attracted to its suggestions for policy reform, including the creation of a “social investing wholesaler” to direct and coordinate investment. It could be based on Big Society Capital in Britain, which guides due diligence around social impact investing opportunities to support capital raising from private investors.
The rise of sustainable and ethical investment will be a key topic of discussion at the Australian Financial ReviewPrime Minster and Cabinet established the taskforce in September 2019, which consulted more than 140 organisations and delivered a final report at end of 2020. It is understood the taskforce called for an early-stage foundation to be set up to encourage entrepreneurs, and an office of social impacting investing within the federal bureaucracy to provide holistic leadership.
Mr Traill told the event, held the week after the federal election, that Big Society Capital had created “a very powerful precedent”, where public funding was matched three-to-one with private capital, delivering investors, including UK banks, a 3.5 per cent to 4 per cent annual return. A local version “would liberate things to be done ethically in the long term that drives returns that sit comfortably on the financial risk reward spectrum,” he said.
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