We were delighted to discuss Jim Chalmers “values-based capital” essay with the The Australian Financial Review and showcase how Youth Foyers are an example of a model that can deliver better social outcomes and returns on investment to government, businesses and investors.
“I believe the private sector has a really important role to play. I don’t believe that means we’re taking responsibility away from government, but instead we should be working to a model where the government, private and social sector have responsibility to create the outcomes society needs.” – Liz Cameron-Smith, CEO
A report commissioned by the Foyer Foundation from Accenture Economic Insights estimates that on a per-person basis, Foyers create an average of $84,000 in added benefits for the government from participants working and paying taxes and savings on welfare, housing and health costs.
Michael Traill, an Australian pioneer of social impact investing and an adviser to successive governments, says Foyer’s record is impressive and it is a “poster child example of something that needs to attract larger chunks of capital to scale”.
“Done appropriately, this changes lives and drives better fiscal outcomes with welfare savings,” Traill says.
It’s time to get creative when it comes to funding the infrastructure and services of Youth Foyers in Australia. With over 33 communities seek to establish a Youth Foyer, impact investing could be one of solutions to tackling the growing problem of youth homelessness.
https://www.afr.com/policy/economy/why-chalmers-is-backing-social-investing-20230202-p5chgf
