Federal Budget 2024: Three social impact measures to watch closely
"The latest Federal Budget has been described as responsible and deflationary, to unrestrained, and inflationary"
"It’s at a time where we have a widespread cost of living crisis, low productivity, increased inequality, and a dire need to build a stronger social economy," says Professor Danielle Logue , Director of the Centre for Social Impact at UNSW Sydney (CSI UNSW).
Below, Danielle shares three measures from the 2024 Federal Budget that the Centre for Social Impact is examining closely.
1. Employment pathways program
In the area of employment services reform, there is a $21 million commitment for a new employment pathways program, to support social enterprises and businesses to provide job placements for those facing high barriers to employment.
This recognises social enterprises as a key part of our social economy, and it also makes the processes of how we certify a social enterprise increasingly important. It also means that social enterprises will need to readily measure, track, and communicate their social impact, and we have a range of tools and support at the Centre that is doing just that.
2. Increased commitments to addressing housing and homelessness
We saw increased commitments to addressing housing and homelessness, to assist in crisis support, and to build and repair social housing. This is in addition to the $10 billion committed last year to the Housing Australia Future Fund to build 30,000 social and affordable rental homes.
We hope that conversations about this funding embrace social innovations, in rethinking the diverse types of housing support needed such as lodging housing services, to also considering different ownership models such as cooperative housing models, and how we can leverage impact investors in this work.
3. The Future Made in Australia initiative
Third, The Future Made in Australia initiative is bringing together a range of new and existing manufacturing and renewable energy programs. This is about achieving Net Zero and supporting local industry, innovation, and employment through Regional Workforce Transition plans.
However, these place-based approaches need to build a sustainable and inclusive economy.
That means it’s going to be very important that the social services $100m outcomes fund, that is also place-based, really delivers.
Its focus is on projects that reduce barriers to employment, homelessness, and support for children and families, in these places, and we hope the insights it provides about what works, where, and why, can be shared and scaled.
And to do all of this we also need to make sure we have data infrastructure to measure and track local social progress in these efforts as we work towards a just transition for all Australian communities.
