Social enterprises enter the mainstream in Australian financial services
The finance sector is looking beyond box ticking for a competitive edge using social enterprises in their ESG programs. Budget measures help fuel the sector's growth.
A growing number of Australian companies are pursuing commercial arrangements with social enterprises – improving the “S” in their ESG programs.
While there has been some backlash against ESG (environmental, social and governance) principles, particularly in the MAGA United States, in Australia such initiatives are seen increasingly as mainstream business.
“The Big Four banks and a lot of ASX listed businesses right around Australia, and four state governments, are working with us to help them buy from social enterprises,” Tara Anderson, CEO of Social Traders, told Capital Brief. Social Traders is the body which certifies social enterprises in Australia.
Social enterprises can be suppliers to other businesses or businesses in their own right. For example, Melbourne-based Heidelberg District Community Enterprise became Australia's first certified social enterprise in the community banking sector. A further 50 community banks are committed to following the same path.
