OSII is proud to announce that Australia’s first social impact bond, the Newpin Social Benefit Bond (Newpin SBB), has reached maturity after seven years of operation.
A partnership between Uniting, Social Ventures Australia, Department of Communities and Justice and OSII, the Newpin SBB has had a significant positive impact for children and families experiencing disadvantage, and delivered excellent results as an innovative social finance model. Over its term, the Newpin Program restored 391 children to the care of their families, representing an overall restoration rate of 60.9%.
Treasurer Dominic Perrottet reflected on the success of the program, observing “Newpin is creating stronger communities by helping some of our most vulnerable families and ensuring we are investing where it matters most."
The milestone was marked through an online celebration hosted by Uniting and attended by Minister for Families, Communities and Disability Services Gareth Ward who affirmed “A safe, loving and permanent home is critical for children. Our Government will continue to invest in evidence-based programs that create stability.”
Minister Ward was pleased to share that the Newpin program will continue to be funded through a new payment-by-results contract. This will ensure ongoing support to families across the state
Further details on the final results and the overall reflections of each of the stakeholders can be found in the 2020 Annual Investor Report.