Address entrenched community disadvantage, including through place-based approaches, engaging with philanthropy and promoting social impact investment.
The Government will provide $199.8 million over 6 years from 2023-24 to address entrenched community disadvantage, including through place-based approaches, engaging with philanthropy and promoting social impact investment. Funding includes: * $100.0 million over 5 years from 2024-25 to establish a social impact investment Outcomes Fund to make contractual payments to states, territories and service providers based on delivering agreed, measurable outcomes through specific projects, with funding to be provisioned in the Contingency Reserve pending the outcome of a co-design process with stakeholders, including states and territories * $64.0 million over 6 years from 2023-24 to extend the Stronger Places, Stronger People program to deliver place-based initiatives in partnership with 10 local communities and state and territory governments to improve outcomes for disadvantaged children and their families, and to enhance place-based initiatives in 6 of these communities * $16.4 million over 4 years from 2023-24 to the Australian Bureau of Statistics to implement the Life Course Data Initiative to capture data insights to inform long term policy responses aimed at interrupting cycles of intergenerational disadvantage * $11.6 million over 3 years from 2023-24 for a Social Enterprise Development Initiative to provide grants, online education and mentoring for eligible organisations to build capability to access capital, better participate in the social impact investing market and support improved social outcomes * $7.8 million over two years from 2023-24 to develop a whole-of-government Framework to Address Community Disadvantage that will identify strategic objectives and key principles to guide how the Commonwealth will work in partnership with communities to enable them to build their capability to address cycles of disadvantage. The Government will also provide $8.7 million over 4 years from 2023-24 (and $2.2 million per year ongoing) to support the Economic Inclusion Advisory Committee on an ongoing basis with secretariat and research support. The cost of this measure will be partially met from within the existing resourcing of the Department of Social Services. Social Services |