The Baird Government will pursue innovative partnerships with investors and the non-government sector to deliver better services to vulnerable members of the community. The Social Impact Investment Policy, announced by Premier Mike Baird, is the first of its kind in Australia.
The Baird Government has a proud record in delivering services and supports to vulnerable members of the community, but we know that we can’t do it alone. The Social Impact Investment Policy, that’s been announced by the Premier, is a bold new approach to providing social and economic benefits for NSW.
We will partner with investors and the non-government sector to develop two new social impact investments to go to market every year. The Baird Government pioneered Australia’s first two social benefit bonds, and if we’re re-elected next month, we will build on the momentum from their encouraging early results.
By harnessing the innovation and capital of the non-government sectors, we can deliver better outcomes for the community and better value for taxpayers. The areas of youth homelessness, mental health and recidivism are all potential areas that could benefit from social impact investments. This builds on the two bonds we created in 2013 to fund programs at UnitingCare Burnside and the Benevolent Society.
The NSW Government is striving to develop new and innovative ways to deliver services and supports to our community and social benefit bonds are an example of how we can do exactly that.
The Social Impact Investment Policy and more information on Social Impact Investment is available at www.dpc.nsw.gov.au/sii.