The NSW Government has released its Social Impact Investment Policy.
The policy outlines 10 actions the Government will take to:
- deliver more social impact investment transactions
- grow the market and remove barriers
- build the capacity of market participants.
The policy builds on NSW’s social benefit bonds, which were implemented in 2013. The bonds fund two services – one delivered by UnitingCare Burnside and one by The Benevolent Society – that work with vulnerable families to prevent children from entering out-of-home care or safely return children in care to their families.
A key commitment in the policy is to aim to bring two transactions to market each year. These will not be limited to social benefit bonds. The Government is open to other investment models that involve risk-sharing among participants. To help the market prepare, the Government has :
- released a set of tools and resources.
- announced a series of market-sounding events for interested parties to get more information on the priority areas.
The Government also announced the Expert Advice Exchange, delivered in partnership with Sydney’s leading law firms, to provide pro-bono legal advice for non-profits and social enterprises that want to participate in social impact investment.
The NSW Government believes that social impact investment offers opportunities to improve outcomes for NSW people by encouraging innovation and partnerships with other sectors. It also focuses on measuring and achieving results so the Government can be confident of investing in services that work.
This program is now overseen by the Office Of Social Impact Investment