Australian body encouraging more use of SIBs to help create jobs. Welcome to today’s SIB News:
Australia – Job Creation Lagging Behind Targets
Xavier Smerdon – Pro Bono Australia
Job creation is lagging behind the Abbott Government’s own targets, according to the latest Australian Bureau of Statistics figures.
The figures showed that unemployment had dropped by 0.2 per cent to 6.1 per cent, with the number of employed Australians growing to 11.7 million.
But Shadow Minister for Employment, Brendan O’Connor, said the figures showed Tony Abbott would not be able to deliver on his promise to create one million jobs in five years.
Social Ventures Australia (SVA) said it was calling for government, business and community organisations to work together on innovative approaches to improve the employment situation.
“All the indicators show that a new approach to jobs is needed if we are to enable all Australians real opportunity to be involved in meaningful employment,” Executive Director of Employment at SVA Kevin Robbie said.
“Exploring new funding models like social impact bonds and social procurement commitments could also assist in shifting the policy mindset to understand that intelligent social investments can have a positive impact on the sustainability of the government balance sheet into the future.
“With Australia facing significant skills shortages, unemployment is a waste of our productive capacity, and deliberate evidence based policy interventions are needed to turn this around.”