The current Department of Transport and Regional Services' (DOTARS) Regional Business Development Analysis (RBDA) Inquiry undertaken during 2002 and reporting in August 2003 did not consider ACCORD’s public submission and recommendations regarding the contributions of overseas CDFIs to stronger local communities, regional economic growth and enterprises. The Inquiry also appears not to have followed up on the literature suggested in ACCORD’s submission, in particular overseas references to inquiries, legislation and economic policy initiatives.

For instance, DOTARS’ Regional Business Development Literature Review prepared by SGS Economics and Planning, published by Commonwealth of Australia in June 2002 did not refer to overseas community development finance policy developments and literature, especially how they stimulate rural and regional communities in the UK and the USA.

However, DOTARS’ Regional Business, A Plan for Action published by the Commonwealth of Australia in August 2003 (available at www.rbda.gov.au) provides strong support and recommendations for regional small businesses and has proposed the creation of a small business financing programme modelled on the Canadian Small Business Financing Program, as well as pilots for revolving loan funds. Although this recent report does not specifically consider the important contribution of community based or social enterprises to regional and local economic growth, or indeed mention overseas or possible Australian community finance initiatives, the USA’s revolving loan funds considered in the report have many micro-credit features that in turn stimulate local community finance and enhance local capacity. It remains to be seen, however, what aspects of the report’s recommendations may be implemented by the Commonwealth Government and enhance local business finance opportunities in disadvantaged rural areas.

Similarly, a recent June 2003 Bureau of Transport and Regional Economics Working Paper 55 titled "Government Interventions in pursuit of Regional Development: Learning from Experience" (available at http://www.btre.gov.au), although evidencing innovative Canadian Government policy efforts to stimulate finance for small regional businesses, does not consider innovative policies in either the USA and UK that have stimulated investment, growth and employment in regional and urban areas through CDFIs.

These omissions in recent literature reviews and inquiries are even more remarkable given the Local Economic and Employment Development group of the Organisation for Economic Co-operation and Development (OECD)’s July 2003 report on Private Finance and Economic Development, City and Regional Investment (OECD, 2003). In this book, the findings of a Forum of Cities and Regions Conference in July 2002 in London are presented along with other commissioned work investigating how various OECD cities and regions are using economic and policy instruments to draw private money into economic development. It extensively considers the contribution of CDFIs in leveraging private sector investment, their contribution to community building and small business development in North America and Europe, and their supportive policy mechanisms such as the CRA in the USA and outcomes of the UK SITF. It provides an informative guide to some of the initiatives and policy contributions to stimulate the leverage of private capital into disadvantaged areas to stimulate growth, investment and enterprise development.