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Home News The 10-point plan to grow social impact investing in NSW
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TAGS Public–private partnership, social impact bonds, social impact investment
The NSW government is beefing up its approach to innovative social policy with the launch of a 10-point policy to spur on social impact investing. A new office has been created.
The New South Wales government on Wednesday made a commitment to take 10 actions to increase social impact investing in the state with the launch of its new policy.
The policy builds on the two social benefit bond trials — a form of outcome-focused public private partnership — implemented in 2013.
Under the social benefit bond model, trialled by UnitingCare Burnside and the Benevolent Society in NSW, private investors provide funds to service providers to deliver improved social outcomes. If agreed goals are reached — for example, reduced recidivism or fewer children going into out-of-home care — the government pays back a return on top of the amount invested.
NSW’s plan aims to deliver more social impact investment transaction, grow the market and remove barriers to investment and build the capacity of market participants.
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David Donaldson is a journalist at The Mandarin based in Melbourne. He's previously written for The Guardian and Crikey and holds a masters in international relations.
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Social impact bonds are just a new form of privatisation, argues CPSU Victorian branch secretary Karen Batt. A "race to the bottom with low wages and casualisation" or a more targeted way to achieve results?