The major banks are considering providing funding for a “social impact” investment bank with $400 million in initial capital modelled on Big Society Capital, a similar venture in Britain.
This comes after Prime Minister Anthony Albanese reconvened an expert advisory panel, chaired by Paul Ramsay Foundation chairman Michael Traill, to come up with a model for the private sector and government to work together to create a deeper “social impact investing” market in Australia.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
