Parliamentary secretary Ursula Stephens promotes social enterprise

Monday 15 March 2010

Article by Mozo

Senator Ursula Stephens, parliamentary secretary for social inclusion and the voluntary sector, has lent her support to a new social enterprise initiative.

As she opened the inaugural Social Business Australia lecture, which was entitled Investing in Alternative Economic Futures, senator Stephens said the government would invest millions of dollars in supporting start-up social enterprises.

"As part of our response to the Global Financial Crisis, we invested millions in start-up social enterprises – supporting around 80 social enterprises through the first round of the $600 million dollar Jobs Fund and the $41 million Innovation Fund," senator Stephens told Parliament.

She added that the government was also looking at ways of improving access to finance for individuals on low incomes.

The government has set aside $7.5 million for the Community Finance Development Institution pilot, which will examine both the opportunities and hurdles to social investment.

Earlier this month, major banks increased their home loan rates following the Reserve Bank of Australia’s base rate increase.

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