Social Ventures Australia (SVA) is proud to announce that, alongside its partner UnitingCare Queensland (UCQ), it has been shortlisted by the Queensland Government to move to a joint development phase for a new Social Benefit Bond (SBB).
If implemented, the SBB will seek to address Indigenous disadvantage and would work to increase the number of family reunifications of Indigenous children in out-of-home care.
The Newpin SBB developed by SVA, the NSW Government and Uniting has been operational in NSW for three years, and has already restored a total of 130 children to their families and delivered a 12.15% pa financial return to investors. With Aboriginal and Torres Strait Islander children significantly overrepresented in the child safety system, this is a particular area of focus for the potential Queensland program.
Queensland is the third state to pilot the use of social impact bonds (called social benefit bonds in Queensland) to address complex social problems, with New South Wales and South Australia also having programs in place or under development.
The UCQ Newpin proposal is one of three that Queensland recently announced will proceed to joint development. This brings the total number of projects under development in Australia to seven (with three in NSW and one in SA). Four of those are being supported by SVA. Another three bonds are operational, all in NSW, and Victoria has announced that it intends to request proposals before the end of the year.
SVA CEO Rob Koczkar commented:
SVA was proud to launch the first Australian social impact bond in New South Wales in 2013, and it is encouraging to see such momentum behind this mechanism that delivers both social and financial return. We are delighted to have been shortlisted, alongside our partner UnitingCare Queensland and look forward to moving to the joint development phase.