The Victorian Government is exploring Social Impact Bond (SIB) pilots.
On 15 February 2018, the Victorian Government announced the launch of Victoria’s second Social Impact Bond with two of its leading welfare providers, Anglicare Victoria and VincentCare. The COMPASS Social Impact Bond will trial an innovative approach to improving outcomes for young people as they transition from care to independent living.
COMPASS - Achieving life outcomes for care leavers (DOCX 348kb) is a preventative program which provides care leavers with two years of access to housing, a key worker to navigate the system, an education specialist, and specialist support services based on the level of assessed need.
The program will provide more stable housing, create a positive transition from out-of-home care, and lead to improved health and justice outcomes.
More information is provided on the Anglicare Victoria website.
Media release: Making Things Fairer For Young People Leaving Care
On 21 December 2017, the Victorian Government announced the launch of Victoria’s first Social Impact Bond with one of its leading welfare providers, Sacred Heart Mission, for a new approach to help some of the State’s most vulnerable.
Journey to Social Inclusion (DOCX 118kb) will provide intensive case management, supplemented by rapid access to stable housing, to 180 clients who are chronically homeless.
The aim is to create a lasting positive change for people experiencing homelessness. Specifically, clients are expected to maintain stable, secure housing, have better health outcomes and establish stronger community connections.
More information is provided on the Sacred Heart Missions website.
Media release: A New Approach To Tackle Chronic Homelessness
On 13 April 2017, the Victorian Government announced that two of Australia’s leading welfare providers have been invited to jointly develop Victoria’s first SIBs to achieve better outcomes for at-risk teenagers and the long term homeless.
Media release: First Social Impact Bond For Disadvantaged Victorians
The Anglicare consortium, which includes VincentCare, proposes a mix of individualised case management, specialist support, and stable housing to improve outcomes for young people leaving out of home care.
Sacred Heart Mission will provide rapid access to stable housing and intensive case management to support Victorians experiencing chronic homelessness and harmful alcohol and other drug use.
The Joint Development Phase is expected to take place over a number of months.
Queries can be directed to the project manager via email@example.com.
A suite of sample legal template documents is now available.
They have been developed by King & Wood Mallesons to assist in the drafting of relevant legal documents that may be required for a SIBs transaction in Victoria.
Workshops on the SIB pilot program were held on 31 August and 21 September. The workshops were for organisations planning to bid for a SIB or exploring the opportunity to do so.
Workshop 1: Wednesday 31 August 2016
Workshop 2: Wednesday 21 September 2016
An information session on the SIBs pilot program was held on Wednesday, 20 July 2016 from 10am to 12pm at the Treasury Theatre.
Copies of the presentation slides (PDF 341kb), Statement of Opportunities (PDF 709kb) and questions and answers (PDF 94kb) from the information session are now available.
Read the general information about SIBs for further details.
Read the frequently asked questions about SIB for further information.