Download - Rosemary Addis
Social Finance Forum Investment for social and economic benefit
Rosemary Addis Social Innovation Strategist
August 2013
The Australian challenges reflect a global picture
Our Future World: Global megatrends that will change the way we live, CSIRO, 2012; Australia to 2050, third Australian intergenerational report, Australian Treasury, January, 2010 et al
Ageing and growing population
Australia
Ageing and growing population
Escalating demand for services
Economy in transition
Environment vulnerable to climate
change
Growing gaps between sub-groups and
communities
Need to boost productivity and
innovation
The gap between demand for services and what government can provide is widening
Timeline
Pu
blic
se
rvic
e
Estimated gap
by 2025 –
Australia $54 billion
G8 US$1.5 trillion
Figures from Accenture and Oxford Economics: Delivering Public Service for the Future: Navigating Shifts, and Fast Forward to Growth: Seizing Opportunities in High-growth Markets
IMPACT – Australia insights from the field enlivened a vision
What’s happening; Why it matters;
What could this be? What can we do?
Call to Action
Those who understand the need
Those who have the resources and innovation
expertise to contribute Ideas Resources Networks
COMMUNITY MARKETS
GOVERNMENTS
New combinations of people, ideas and resources
Figure X: How government uses social innovation to address the demand-supply gap
New approaches to creating jobs and local economic growth
There is potential in the Australian context
Market based approaches are accepted part of economic, and now environmental, policy
Innovation Investment Fund
This is already extending to social and cultural policy domains
CDFI Pilot
Social Impact Bonds - new ways of working
Source: Adapted from J Freireich and K Fulton, Investing for Social and Environmental Impact, Monitor Institute, 2009; and R Hill, Effective Consulting, in collaboration with the Australian Government Department of Education, Employment and Workplace Relations.
Government has dual roles – participant and steward in the market
Governments also face changing expectations
“Governments of the future will need to adapt and continuously evolve to create value. They need to stay relevant by being responsive to rapidly changing conditions and citizens’ expectations, and build capacity to operate effectively in complex, interdependent networks of organisations and systems across the public, private and non-profit sectors to co-produce public value.”
World Economic Forum
The Future of Government: Lessons learned from around the world, World Economic Forum, 2011
There is growing global momentum for impact investment
Impact investment is a fast-growing market globally. The enormous potential for Australia was highlighted in the landmark report, IMPACT-Australia.
www.businessweek.com, 6 June 2013
IMPACT-AUSTRALIA: Investing for social and economic benefit, DEEWR, 2012
The UK strategy links public sector, community sector and markets
Growing the Social Investment Market 2013 Progress Update
“The leadership responsibility in this country extends well beyond our elected politicians. It must be shared by business, the community and in academia.” Dr Ken Henry, former Treasury Secretary and author, Australia in the Asian Century
‘Q&A with Ken Henry’, Company Director, March 2013
This calls for shared leadership of new solutions
Toward a virtuous cycle of leadership, action and practice
Questions and Discussion for the panel