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.
ENDS
Contact: Rory Grant 0475 741 007
Latest news
The ABA has today released the findings of a strategic review undertaken by Accenture into the roll-out of Australia’s Consumer Data Right (CDR) regime. The CDR went live to customers of major banks in July 2020, and to customers of other banks in July 2021. Approaching 4 years since its launch, the ABA commissioned Accenture… Read more »
The Australian Banking Association welcomes ASIC’s approval of an updated Banking Code of Practice that will continue to drive better banking outcomes for customers. The updated Code strengthens consumer protections by providing customers with safeguards that are in addition to the law. ABA CEO Anna Bligh said this Code will provide an even higher… Read more »
Australia’s digital banking boom is continuing with payments by mobile wallets surging by 35 per cent in the last year alone, according to a new report released today by the Australian Banking Association. The 2024 ‘Bank On It’ Report shows that in the last year alone customers made $126 billion in payments with their mobile… Read more »