3 April 2019
Today’s announcement of a Social Impact Investing Taskforce and three trial sites is a welcome step by the Federal Government and answers the banking industry’s call for a clear direction on this innovative solution to tackling entrenched disadvantage.
CEO of the Australian Banking Association Anna Bligh said banks welcome the announcement by the Treasurer, Minister Fletcher and Senator Jane Hume today and would work with the taskforce during its consultation.
“Social Impact Investing represents an innovative way to tackle entrenched disadvantage, with positive signs from this approach emerging from the United Kingdom,” Ms Bligh said.
“Addressing entrenched disadvantage will not only lift individuals out of poverty but its benefits will also be felt across the economy.
“Banks look forward to playing their part in this new policy area to ensure it’s a success in achieving its goals,” she said.
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“This is about engaging with the entire banking ecosystem in order to ensure the accessibility of the sector’s services are best serving our diverse community now, and into the future.”
“What is underpinning this bank failure is a number of things, but not least of all, it’s a very niche bank with high exposure to one part of the economy. And that’s the part of the economy that’s been quite volatile and troubled”
The Treasurer has indicated that the federal government is closely monitoring the situation.