Source Business Directory
MEDIA, JOBS & RESOURCES for the COMMON GOOD
NEWS  |  Corporate Engagement, Good Business

SBB Benefits Investors and Families


Wednesday, 26th August 2015 at 11:09 am
Lina Caneva, Editor
Australia’s first Social Benefit Bond has successfully restored 66 children in out-of-home with their families while investors received strong financial returns, according to results from auditor Deloitte.

Wednesday, 26th August 2015
at 11:09 am
Lina Caneva, Editor


0 Comments


FREE SOCIAL
SECTOR NEWS

 Print
SBB Benefits Investors and Families
Wednesday, 26th August 2015 at 11:09 am

Australia’s first Social Benefit Bond has successfully restored 66 children in out-of-home with their families while investors received strong financial returns, according to results from auditor Deloitte.  

At the end of its second year, the New Parent and Infant Network (Newpin) Bond, also prevented a further 35 children from entering out-of-home care, according to the audit.

The cumulative restoration rate for children was 61.6 per cent, triggering an 8.9 per cent return to private investors. This is up from a 7.5 per cent return in the first year.  

The Bond, a partnership between the New South Wales Government, UnitingCare and Social Ventures Australia (SVA), works with parents who have had their children removed from their care, or whose children are at risk of removal, to create safe family environments.

SVA raised $7 million from investors to run the seven-year program that restores children to their parents’ care once the Children’s Court NSW is satisfied that parents have developed the skills needed to provide a safe home.

“As a blend of both financial and social outcomes, we’re very pleased with how the Newpin SSB has gone,” SVA Executive Director, Ian Learmonth said.

“The positive social and financial returns from the Newpin SBB, for a second year in a row, are a promising sign for this new approach to social services funding.

“As a result of this social impact bond, UnitingCare has security of funding for the Newpin program for years to come, and rigorous data on outcomes to inform program improvements. At the same time, the NSW Government is benefitting from a stronger society.”

The Bond allows government to pass some of the risk of performance on to the private sector and pay on the successful social outcomes from government savings. Investors receive a financial return on their ethical investment, and service organisations get longer-term funding, greater certainty and capital to better plan and implement often preventative programs.   

“These positive results show that many families, given the right type of support, can provide safe and loving homes for their children,” UnitingCare’s Children, Young People and Families Director Claerwen Little said.

“Just last week we launched the Wyong-based Newpin program funded entirely through this bond. The success of our partnership with the NSW Government and SVA has enabled us to expand the program so we can work with more families to create impactful social change.”

Learmonth said the success of Newpin is encouraging an expansion of Social Benefit Bonds to drive social change.

“The NSW Government has undertaken to do up to two impact investment transactions a year for the next four years and other states, such as South Australia and Queensland, have also publicly stated that they are to implement Social Benefit Bonds,” Learmonth said.

“The State Governments have tended to focus on areas that are most easily measureable, for example, recidivism – which is repeat offending – out-of-home care, homelessness and the health sector.”


Lina Caneva  |  Editor  |  @ProBonoNews

Lina Caneva has been a journalist for more than 35 years, and Editor of Pro Bono Australia News since it was founded in 2000.


Got a story to share?

Got a news tip or article idea for Pro Bono News? Or perhaps you would like to write an article and join a growing community of sector leaders sharing their thoughts and analysis with Pro Bono News readers?

Get in touch at news@probonoaustralia.com.au

Get more stories like this

FREE SOCIAL
SECTOR NEWS

Write a Reply or Comment

Your email address will not be published. Required fields are marked *



YOU MAY ALSO LIKE

Targeted Capacity Building: The Key to Unlocking Maximum Social Impact

Gillian Turnbull

Thursday, 3rd May 2018 at 8:22 am

How to Go About a Non-Profit Merger

Contributor

Monday, 9th April 2018 at 3:38 pm

Social Benefit Bond Continues to Keep Children Safe

Luke Michael

Tuesday, 31st October 2017 at 5:07 pm

Australia’s First Social Impact Bond is Growing Stronger By The Year

Luke Michael

Tuesday, 5th September 2017 at 4:21 pm

POPULAR

Fears NDIA Will Force People into Shared Accommodation Settings

Luke Michael

Monday, 14th May 2018 at 3:48 pm

NDIS Eligibility for People With Autism Under Review

Luke Michael

Monday, 21st May 2018 at 2:35 pm

Government Policy Failure to Blame for Rising Homelessness

Luke Michael

Tuesday, 15th May 2018 at 3:36 pm

Autism: How Much Do We Really Know About It?

Estelle Stathoulis

Monday, 14th May 2018 at 8:00 am

Source Business Directory
pba inverse logo
Subscribe Twitter Facebook

Get the social sector's most essential news coverage. Delivered free to your inbox every Tuesday and Thursday morning.

You have Successfully Subscribed!