Invited In.
Paid Out.
When government wanted to turn disadvantage into an investment market, it asked the richest foundations and banks to help design it.
Some of them also get tax breaks written into law by name.
The Roundtable
On 5 December 2023 the Treasurer held his third investor roundtable at Parliament House. The participants represented more than $2.5 trillion in capital. Social impact investment was one of three focus areas.[1]
Westpac, Macquarie, the Minderoo Foundation and the Paul Ramsay Foundation agreed in principle to invest alongside government in social impact initiatives. They would help co-design the $100 million Outcomes Fund.[1]
The Outcomes Fund pays when people hit targets set in a contract. The people being measured weren’t at the table.
“get capital flowing to where it’s needed most in our economy in ways that deliver for investors and members.”
Jim Chalmers, 5 December 2023.[1]
Tax Breaks by Name
Most charities apply for deductible gift recipient status. A few get it written into the law, by name.
- 20 September 2018Stuart Robert introduces a bill that includes specific DGR listing for the Paul Ramsay Foundation.[4]
- 2019The listing is enacted.[2]
- 31 March 2022Separate legislation lists the Ramsay Centre for Western Civilisation, backdated to gifts after 30 June 2021.[3]
DGR status lets donors deduct gifts from their taxable income. That’s a cost to everyone else’s tax base.
Wearing Two Hats
Michael Traill chaired the government’s Social Impact Investing Taskforce. He was also founding chief executive of Social Ventures Australia, co-founder of For Purpose Investment Partners, and chair of the Paul Ramsay Foundation.[5][6]
He was also a director of InfoChoice, a financial comparison company. Martin Hoffman, later chief executive of the NDIA, joined that board in June 2007.[7][8]
We want to see the interests he declared, how they were managed and what other options government looked at.
What We Want Released
- The full roundtable attendee list and briefing papers.
- Every Outcomes Fund co-design meeting and who was in it.
- The Treasury advice on each named DGR listing.
- Taskforce members’ declared interests.
Sources
- Jim Chalmers, Chris Bowen and Pat Conroy, Investor Roundtable to help modernise our economy and maximise our advantages, 5 December 2023. https://ministers.treasury.gov.au/ministers/jim-chalmers-2022/media-releases/investor-roundtable-help-modernise-economy-maximise-advantages
- Treasury Laws Amendment (2018 Measures No. 4) Act 2019. https://www.legislation.gov.au/C2019A00008/asmade/text
- Treasury Laws Amendment (Cost of Living Support and Other Measures) Act 2022, No. 14 of 2022, assented to 31 March 2022, Schedule 3. https://www.legislation.gov.au/C2022A00014/asmade/2022-03-31/text/original/epub/OEBPS/document_1/document_1.html
- Stuart Robert, second reading speech, Treasury Laws Amendment (2018 Measures No. 4) Bill, 20 September 2018. https://www.openaustralia.org.au/debate/?id=2018-09-20.39.2
- For Purpose Investment Partners, Team and partners. https://www.fpinvest.com.au/team-partners
- Treasury, Social Impact Investing Taskforce chronology and reports. https://treasury.gov.au/publication/p2023-391009
- Delisted.com.au, InfoChoice Limited (ASX: ICH), directors list. https://www.delisted.com.au/company/infochoice-limited
- InfoChoice Limited, Annual Report 2008, directors’ report; AGM addresses, 8 November 2007. https://www.aspecthuntley.com.au/asxdata/20080829/pdf/00875145.pdf http://www.aspectfinancial.com.au/asxdata/20071108/pdf/00780742.pdf