In the face of pressing issues that demand Australia's collective attention, from extreme weather events to rising temperatures and biodiversity loss, we must ensure that the transition to a zero carbon, nature positive future is equitable — guaranteeing that vulnerable communities are not left behind.

While the creation of 'social value' through built environment projects is not new, significant attention is now being directed to measuring the value created. By taking a systematic approach to the design, creation, and measurement of social value, we can ensure projects are delivering more benefits than they might have done otherwise.

This paper brings together global and Australian work that has been done in 'social value' to raise awareness of the topic. This paper will help governments, development managers, asset owners and industry practitioners understand the current state of measurement of 'social value' in the built environment sector.

This paper is also intended as the next step in helping to develop a commonly understood and widely accepted definition for 'social value' in the context of built environment projects and assets in Australia.