As part of the 2019–20 Budget, the Government announced $5 million for the establishment of the Social Impact Investing (SII) Taskforce, to be situated in the Department of the Prime Minister and Cabinet. Social impact investments are made with the intention of generating measurable social outcomes, while delivering a financial return to the investor.

The purpose of the Taskforce is to develop a strategy for the Commonwealth’s role in the SII market, drawing on international, private sector and state and territory government experience. The Taskforce will identify a way forward for Commonwealth investments in SII, including how SII can provide solutions to address entrenched disadvantage and some of society’s most intractable social problems.

In April 2019, the Government announced Michael Traill AM, as Chair, and Amanda Miller, as Deputy Chair, of the Taskforce Expert Panel.

The other members of the Expert Panel are:

• Dr Catherine Brown, Lord Mayor's Charitable Foundation
• Mr Danny Gilbert AM, Gilbert + Tobin
• Ms Sally McCutchan, Impact Investing Australia

The Expert Panel brings a wealth of experience across the social impact investing, social enterprise and government sectors.

As Chair, Michael Traill AM was enthusiastic about the formation of the Expert Panel and collective expertise of its members. “I am excited about the wealth of experience across the Expert Panel to develop practical recommendations to underpin a cohesive, strategic approach to achieving better outcomes through Social Impact Investing.”

The Taskforce will consult widely in the lead up to the delivery of the initial report before the end of 2019. A final report will be delivered by mid-2020. The Prime Minister has approved the Terms of Reference for the Taskforce.