Business Not Doing Enough for Poverty, says World Vision Australia

A World Vision study has recently suggested that corporate Australia has not been doing enough to alleviate poverty in the Asia-Pacific region.

Supported by an Australian business alliance including the ANZ Bank and Visy Industries, the study warns poverty in neighbouring countries will make some businesses less viable.

It says while companies were generally supportive of social investment, few were combating poverty in their closest export markets.

It also found that big businesses were ignorant of the United Nations Millennium Development Goals that aim to halve world poverty by 2015.

Sam Mostyn of Insurance Australia Group, a member of the business alliance, says good business is about understanding market impact.

"I think it goes beyond just a social responsibility," she said.

"Good business is always about understanding the markets you're in and understanding the impact you have on those markets, and good businesses have always understood that."

World Vision's Tim Costello says corporate Australia is directly affected by instability in the Asia-Pacific region.

"We are in the region where the most poor live. The volatility of that is a threat whether it's global warming, global terror or global poverty," he said.

"That instability is bad for business, which is why Australian business really should be leading in being aware of the Millennium Development Goals and addressing poverty."