The Department of Treasury and Finance leads work across the South Australian Government in social impact investment.
Social impact bonds (SIBs) and ‘pay by results’ contracts are about better outcomes for individuals and communities. Under these arrangements governments agree to share the financial benefits delivered through innovative social programs. Private investors may then provide the capital to pay for the program delivery, and then receive a rate of investment return that is linked to the success of the program, as measured against clearly defined outcome objectives.
There are three social impact investments currently operating in South Australia.
Newpin is a family reunification program, aiming to strengthen family engagement and functioning so that children in out-of-home care are able to be safely returned to their families.
The program is being delivered in South Australia by Uniting Communities. The first Newpin centre at Smithfield opened in July 2021, to be followed by a second centre at Port Adelaide in January 2022 and a third centre planned for Onkaparinga.
More information about Newpin:
- Download the media release (PDF, 89 KB)
- Social Ventures Australia website (includes latest updates to investors)
- Uniting Communities website
The Resilient Families program is an intensive family support service, to keep children safe at home, in community and culture.
The program is being delivered by The Benevolent Society, which has developed and successfully delivered it through social impact investment in New South Wales. Resilient Families is funded in South Australia though a pay-by-results contract, and operates in Southern Adelaide (to complement other programs operating in Northern and Western Adelaide). Service delivery commenced in July 2021.
More information about Resilient Families:
Researchers at the University of Adelaide analysed data on baseline service usage, to support the development of both the Newpin and Resilient Families social impact investments. The background research is published here.
South Australia’s first social impact bond, the Aspire program, commenced in 2017. The program aims to improve the lives of homeless people in Adelaide. The Hutt St Centre is the lead service provider.
In the first four years of operation, 575 South Australians experiencing homelessness have received support through the Aspire program. The program has achieved better life outcomes for these people, as well as significant reductions in their use of crisis services (including hospital bed days, convictions and emergency accommodation support periods).
An independent evaluation of the Aspire program is expected to be completed by April 2022.
More information about Aspire:
- Download the Aspire SIB Fact Sheet (PDF, 92 KB)
- Social Ventures Australia website (includes annual reports and latest updates to investors)
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Further information about social impact investing: