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  • 1. Social Finance Forum Investment for social and economic benefit Rosemary Addis Social Innovation Strategist August 2013
  • 2. 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
  • 3. The gap between demand for services and what government can provide is widening Timeline Publicservice 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
  • 4. IMPACT Australia insights from the field enlivened a vision Whats happening; Why it matters; What could this be? What can we do? Call to Action
  • 5. Those who understand the need Those who have the resources and innovation expertise to contributeIdeas 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
  • 6. New approaches to creating jobs and local economic growth
  • 7. There is potential in the Australian context
  • 8. Market based approaches are accepted part of economic, and now environmental, policy Innovation Investment Fund
  • 9. This is already extending to social and cultural policy domains CDFI Pilot
  • 10. Social Impact Bonds - new ways of working
  • 11. 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
  • 12. 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
  • 13. 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., 6 June 2013 IMPACT-AUSTRALIA: Investing for social and economic benefit, DEEWR, 2012
  • 14. The UK strategy links public sector, community sector and markets Growing the Social Investment Market 2013 Progress Update
  • 15. 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
  • 16. Toward a virtuous cycle of leadership, action and practice
  • 17. Questions and Discussion for the panel