Launch of Council to Build Western Australia’s Inclusive Economy

2020 has seen disruption to ‘business-as-usual’ in a way that most of us haven’t experienced in our lifetimes. At this time of unprecedented social and economic change, WASEC has been formed by leaders in Western Australia’s social enterprise sector to build a new economy that places community, employee and environmental impact outcomes on an equal footing with sustainable financial returns.

With the launch of WASEC following on from a landmark State Election we call upon the McGowan government to recognise and support the sector to build back better. Catalytic funding for social enterprise market development and supporting a sector certification framework are well recognised, high leverage ways in which the McGowan Government can support the private sector in building capacity within our communities and industries for regeneration, economic diversification and social impact jobs through social enterprise.

GET INVOLVED! JOIN US FOR OUR COMMUNITY LAUNCH EVENT ON THURSDAY 22 APRIL FOR AN EVENING OF DRINKS, CANAPES AND SPECIAL GUEST SPEAKERS INCLUDING HON. PATRICK GORMAN MLA, MEMBER FOR PERTH.

Fast Facts (visit www.wasec.org.au for more info):

A Social Enterprise is a business that exists to deliver a measurable social, cultural or environmental impact. It derives most of its revenue from trading and it reinvests a significant proportion of its profit in furthering its mission.
The UK’s 100,000 social enterprises employ 2M and contribute $120B to the UK economy, creating 3 jobs for every $200K of turnover (compared to 0.66 in the private sector). These jobs are disproportionately in the poorest communities, and target those furthest from the labour market. Around 30% (0r 600,000) of their total jobs created are in the most deprived communities, and 40% of social enterprises actively seek to employ people with disabilities, care leavers, ex-offenders, the homeless, and veterans. Last but not least, social enterprises invest more in improving the quality of those jobs. (Source: Big Society Capital (UK) 2019).
Victoria’s 4,000 social enterprises contribute $5.3 billion to the state economy, employing an estimated 60,000 people. According to an independent evaluation conducted by PwC, the social return on the Victorian Government’s investment in market development intermediaries and social enterprises between 2009-2014 was $3.65 for every $1 invested. It was also found that for every $1 invested in market development intermediaries approximately $0.60 is leveraged from other capital providers.
Polling of Western Australians’ showed overwhelming support for “ [Covid recovery] economic stimulus measures that deliver action on climate change and make the state a fairer place to live” (Source: Clean State – https://www.cleanstate.org.au/media_western-australians-want-to-build-back-better-polling-shows)
WASEC is a proud member of the Alliance of Social Enterprise Networks Australia comprising all 7 State and Territory social enterprise councils, and contributed to ASENA’s submission to the Prime Minister’s Social Impact Investing Taskforce calling for a 10 year plan to create a thriving social enterprise community in Australia