Background
Our current uncertain and rapidly shifting context provides us with a good opportunity to reimagine the way we work. Australia has a long tradition of place-based work but in the face of more frequent and severe crises including disasters, biodiversity loss and economic downturn, it’s essential that we find ways to live that are compatible with the next quarter of the 21st century, and embrace diverse relationships and social capital, new and old innovations, imagination, and transformative ambition.
One way we can do this is through the transformative potential of community wealth building, which is powering communities to take back the reins of their economic futures. In November 2023, TACSI brought together a group of changemakers and innovators to re-imagine what community wealth building could look like for Australian communities.
The following are the four big ideas that emerged.
Idea 1: We need to reimagine how we perceive ‘wealth’
Ross Williams and Dr Michelle Maloney from Future Dreaming Australia shared the importance of viewing wealth as something that flows through and between us rather than a stagnant ‘stock’ that accumulates in one particular part of a system.
Ross highlighted that redefining the concept of ‘return’ on investment involves reconsidering wealth beyond monetary gain. He also explained that looking at wealth through a First Nations perspective involves adopting a more holistic approach. For example, investing in the well-being of Country and family yields returns in the form of happiness, connection and health.
Ingrid Burkett reminded us that the etymology of wealth is holistic and speaks to our wellbeing, not just our pockets. Ingrid also explored some of the limitations of relying too heavily on impact investment to tackle social problems. Case in point is the Griffith Centre for Systems Innovation, who is experimenting with investing in place and ecosystems of support, rather than one-off projects or services.
Idea 2: We need to work in the middle space and join up initiatives for deep collaboration
Independent consultant Regina Hill shared how Collaboration for Impact works in the ‘Middle space’ when bringing diverse perspectives and stakeholders together. She explained that working in the ‘Middle space’ involves not working within the rules or constraints of either perspective, but coming together in a fundamentally new way. Similarly, Melina Morrison from the Care Together program highlighted the importance of cross-organisational collaboration through the cooperative movement.
The Care Together Program is a cross-sector, place-based program designed to innovate sustainable business models in social care across regional, rural and remote parts of Australia through the formation of co-operatives or mutuals. Co-ops are having a resurgence recently, and they have a long history of seeking to transfer private, fragmented wealth back to the community. Joining up, sharing learning and practising deep collaboration across place-based initiatives is essential to spread the growth of community wealth building in Australia.
Idea 3: There are a variety of ways communities can generate and foster wealth
Ethical Fields director Sam Doove and finance expert Shane Arthurson unpacked Ethical Fields’ key pillars of community wealth building. When local communities, businesses and councils have control over enterprises, spending and supply chain, assets, workforce and finance, they are better able to build and strengthen place based capital.
Similarly, Bill Mithen, the CEO at Give Where You Live Foundation explained how the Give Where You Live initiative focuses on job creation through procurement and investment in disadvantaged areas through demand-led brokerage.
Paul Box, from the CSIRO Enabling Resilience Investment Initiative, highlighted the urgency of substantial investment in many of Australia’s challenges as we undergo periods of transition. The Enabling Resilience Investment Initiative shifts the focus from individual assets to holistic systemic solutions. It recognises diverse forms of capital, not just financial, to create adaptive environments recognising and valuing community contributions and making sure that benefits flow back to the community.
Idea 4: We can leverage purpose, power, resource flows and relationships to act in systems
Drawing from the experience of Glasgow forensic psychologist Karen McCluskey, Charlie Leadbeater explored how we can act in systems. Karen was hired to prevent violence within the Glasgow community and soon realised that by re-framing the concept of violence as a public health challenge, she was better able to address and prevent crime at the source. In doing so she altered the purpose of the system, created new relationships and redirected power and resource flows.
Charlie highlighted that as we face compounding crises, more signs and entry points for change within our systems will be presented. We will need to draw from radical and diverse perspectives and ideas to ensure that the wellbeing of place and community continues to grow. We need to promote inclusive conversations, seek collaborative approaches and integrate adjacent ideas to generate more momentum behind community wealth building.