Issue 11: How community wealth building is redirecting wealth back into the local economy

Welcome to the eleventh issue of Innovation For Better Lives, our monthly newsletter where we share the resources and people that inspire us to do better every day.  

This month, we’re exploring an old approach made new for equitable economic development – community wealth building. Keep reading for a deep dive into the organisations, initiatives and people across the world who are innovating and aspiring for a more equitable future.

Communities and programs doing community wealth building

• The Castlemaine Community Investment Co-operative sees local residents working to keep community assets in local hands. Opportunities for real estate investment supports affordable housing and locally owned businesses and addresses economic inequality driven by outside investment. 

• The Barkly Regional Deal is a 10-year $84m investment to boost the Barkly Regional Council . Stimulating economic growth, improving social outcomes and foregrounding Aboriginal and Torres Strait Islander leadership is the priority of this initiative. Building up this regional area to be strong, prosperous and inclusive will benefit everyone. 
• Oñati, a Spanish city in Basque Country, forged a more sustainable and reliable economy by giving the community a stake in the economic wellbeing. This example of community wealth building allowed the city to adapt when Covid-19 struck, and ensured residents were financially secure. 
• How did the UK’s city of Preston build community wealth? Read the community-coordinated achievements and lessons here. The highlights: 4000 extra employees receiving a living wage, reduced levels of in-work poverty, and developing the skills of local people in the wider Lancashire area.
• In partnership with WWF-Australia , The Australian Centre for Social Innovation (TACSI) established Local Learning Labs to communicate with rural communities in NSW, SA and VIC. One of the aims of this work was showing the potential of a regenerative economy through innovation, scientific rigour, and deep community engagement. Explore the roadmap here. 

• Landscape restoration NFP Commonland “bring(s) people together to restore landscapes and regenerate the Earth”. Their holistic landscape approach is implemented in 20 countries and focuses on inspiring communities, social connection, natural restoration and financial return. 
• The Enabling Resilience Investment Approach is a collaboration between CSIRO, Value Advisory Partners and other partners to guide communities towards sustainable, well-adapted and disaster-resilient futures. The approach is still under development but has been successfully implemented in two areas: Bega Valley and Port Adelaide Enfield.
• At a recent Community Wealth Building event in Sydney, we heard from Charles Leadbeater about Scottish forensic psychologist karyn mccluskey ’s work to reduce gang violence in Glasgow. 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. 

• The Care Together Program enhances the diversity and quality of services provided to vulnerable Australians, particularly in remote areas. The priority? “Giving people a stake in the delivery of social care”, says Melina Morrison , CEO of the Business Council of Co-operatives and Mutuals (BCCM) . Care Together’s video on what are co-operatives and mutuals is a timely reminder of these powerful community-driven businesses.
• The Aboriginal Carbon Foundation aims to achieve economic independence and social and emotional health and wellbeing for First Nations Peoples through carbon farming and cultural fire credits. By buying Australian Carbon Credit Units (ACCUs) you can support local communities to generate jobs, direct improvements in the environment and build relationships between Aboriginal and non-Aboriginal people.
• Regen Melbourne is reimagining City of Melbourne’s economy as a place that supports people and planet to thrive. Explore their regenerative pathway stories of possibilities and Melbourne Doughnut breakdown. For more info check out Doughnut Economics Action Lab (DEAL) action lab
• The City of Greater Geelong initiative Give Where You Live Foundation is a driving force of social change in the region. Their change initiatives provide financial literacy, food relief, work opportunities and more for an equitable community. 

• The Waluwin Foundation led by Paul House , Murray Prior and Chris Andrew is reviving traditional agricultural practices through their Yindyamarra funding model. The foundation, supported by the AMP Foundation, offers Aboriginal and Torres Strait Islander Peoples the capital they need to purchase farmlands. Cultural identity, safeguarding natural resources and intergenerational wealth are at the forefront of this community initiative.
• CIVIC SQUARE is an example of neighbourhood scale doughnut economics in Ladywood, Birmingham UK. Read about what they have learnt from 3 years of taking doughnut economics off the page in their first Neighbourhood Doughnut Portrait.

Insights and exploration

• How might the City of Sydney adopt community wealth building? This discussion paper explores how principles could be developed into policy. 
• In this article Service Designing the Support Economy, Cameron Tonkinwise argues that Service Design should shift from a focus on convenience and choice to a focus on care and control. He says that customers should be seen as partners in value creation, not just revenue centres. 

• The Good Shift explores situating community wealth building and place based capital in this article. It provides examples of community foundations, community enterprises, and local government funds in an Australian context. 
• Watch this video for insights into Scotland’s work around scaling community wealth building by OECD Centre for Entrepreneurship, SMEs, Regions & Cities .

Want to learn more? Here's some resources

• What exactly is community wealth building? Ethical Fields has broken down the benefits of “giving stakeholders an actual stake” here. You can also read through their national strategy for building community wealth here. 

• Seeding Positive Futures has explored seven themes to address “Capitalism after crisis”. Creative conceptual and practical understandings are explored in this The Good Shift publication. 
• Future Dreaming Australia creates employment and education opportunities in Australia to improve Aboriginal and Torres Strait Islander community wellbeing. Their tagline “Sharing knowledge to build a future for all of us” highlights the emphasis on cross-cultural understanding for a more equitable Australia. 
• Clear Horizon has created numerous resources, including their place-based evaluation framework, a toolkit for evaluating place-based delivery approaches and tools for development testing. Scroll through the resources here.
• Imagine local leaders taking charge, harnessing local resources, and steering their communities towards a thriving future that benefits everyone and safeguards our planet. The Difference Incubator works towards these ideals by collaborating with difference makers to reclaim entrepreneurship.

• New Economy Network Australia is working to transform Australia’s economic system. Read about the extensive work they do here.
• Collaboration for Impact helps communities tackle their toughest problems and achieve large-scale social change. Their Collaborative Change Cycle spells out the stages of system change processes. 
• Established in 1986, CLES - Centre for Local Economic Strategies convenes networks of practitioners, conducts research, influences policy and offers workshops to support individuals and organisations. For useful resources and an abundance of success stories in community wealth building, visit their website. 
• This participatory investing toolkit from Common Future supports community-led decision making power through investment models that are rooted in community perspectives, strengths and needs.

We hope this issue inspires you to explore community wealth-building initiatives in your own backyard, and lobby for a more equitable, sustainable and resilient future for everyone. 

Did we miss any key resources in this space? Share them with us 👇🏽👇🏽