Place-based Impact Investment is the term developed by Rosemary Addis to describe the opportunity for innovative investment approaches that focus on place, explicitly seeking to generate both an impact in communities and financial returns for investors. The term has since been adopted in the UK and Europe.
Recognising the opportunity such approaches present for Australia, Rosemary led policy work within the Department of Education, Employment & Workplace Relations to adapt international evidence, experience and practice for the Australian context. Sensing both that there was strong interest in this approach from other sectors and that it may take time to lead stakeholders, Rosemary initiated a collaboration between the Department, JB Were, National Australia Bank and Mission Australia to develop the case and how this could be implemented for Australia.
Rosemary chaired a steering group that engaged Ingrid Burkett of Knode Consulting to work with then to research and develop the case. The result was two reports: a literature review and building blocks for design. They highlighted the need with some communities experiencing economic decline and under-investment, resulting in persistent joblessness and a concentration of disadvantage and the opportunity to break that cycle through investment in local enterprise. The result was a rigorous assessment of the potential for place-based Impact Investment to make a significant contribution to addressing under-investment in Australia’s declining communities and concrete steps to put this into practice.
