THE AUSTRALIAN SOCIAL VALUE BANK AND THE SOCIAL VALUE PRINCIPLES

This week the Australian Social Value Bank (ASVB) launches an important linkage paper in collaboration with Social Value International (SVI). 

The paper outlines in detail how the ASVB delivers on SVI’s seven Social Impact Principles which are the globally recognised standards for impact measurement.

The ASVB is a collection of social values and a Value Calculator that can be used by any group, organisation or professional to demonstrate their social impact, in a way never seen in Australia before. The methodology behind the tool is based on cost-benefit analysis focusing on changes in individual’s wellbeing. The ASVB is currently used by a diverse range of organisations here in Australia from the not-for-profit sector to large corporates with a for-purpose focus. In New Zealand, through a multi-user licence agreement NZ Treasury has subscribed to the ASVB and it is being used across approximately ten government departments.  

There is a lack of impact measurement approaches which can consistently be applied across a diverse range of social outcomes and be easily adopted, by any organisation who wants or needs to demonstrate their impact. The Australian Social Value Bank was established as a social enterprise to provide a cost-effective solution for measuring social impact.

We worked with Social Value International (SVI) to develop a linkage paper to evidence how the ASVB applies their seven Social Value Principles. We believe their strong endorsement of the approach will unlock our huge potential to support for-purpose organisations.

Why this linkage paper is important

Two of the driving principles behind the creation of the Australian Social Value Bank (ASVB) is comparability and transparency. We want organisations, funders and government to be able to easily compare different interventions to understand the social value they are creating and for it to be completely transparent on how they calculated the social value.

Comparability and transparency come with consistent principles and assumptions in the calculation of social value.

Social Value International (SVI) has been a pioneer globally in creating a consensus between academics, practitioners and governments on the principles which should be applied when measuring social impact.

Read more about the Linkage Paper and download it here: ASVB Social Value Principles Linkage Paper