PLY: An all-Antipodean end to the week with two stories from Australia, have a good weekend!
First SIB To Target Homelessness
Ellie Cooper – Pro Bono Australia
The first social impact bond addressing homelessness in Australia, only the fourth of its kind in the world, will use $9 million to provide housing and support for 400 vulnerable South Australians.
South Australian Premier Jay Weatherill announced the Government’s backing of the initiative which will be led by Not for Profit, Common Ground Adelaide (CGA) in partnership with the Hutt Street Centre.
CGA’s Executive Manager of Client Services, Rob Martin said the opportunity will enable the organisation to build on its success in ending chronic homelessness. Research shows 95 per cent of Common Ground tenants do not return to homelessness.
Wealth Creation Supports A New Sustainable Philanthropy Model
Belinda Hutchinson – AFR
There is an emerging understanding that companies can contribute more effectively to the community in which they operate, and from which they earn their profits. They can engage in sustainable philanthropy and act in their shareholders’ best interests. More nuanced models of corporate social responsibility are emerging. The old distinctions between for-profit and not-for-profit are blurring, as “not-only-for profit”, “not-for-loss” and other business models are emerging alongside social businesses and social impact bonds.