Social impact investment making a difference for vulnerable families
Australia’s first social impact investment has now been helping vulnerable families reunite or stay safely together for four years.
Premier Gladys Berejiklian said since the Newpin program began in 2013 it has restored 203 children in out-of-home care to their families and prevented children from 55 families from entering out-of-home care.
Based on the fourth year results, investors in the bond will receive a 13.16 per cent return on investment.
“These results are a great achievement and the NSW Government is pleased with the progress being made,” Ms Berejiklian said.
“Under the program vulnerable families have received life-changing support, showing that by bringing together the expertise of the not-for-profit sector and capital from the private sector, we can make a real difference.”
Treasurer Dominic Perrottet also welcomed the results and congratulated the team implementing the program.
“The Newpin Social Benefit Bond is delivering outcomes for vulnerable families in NSW and investors are receiving above market rate returns on their investment,” Mr Perrottet said.
“Newpin is an excellent example of what can be achieved through social impact investments, and we are committed to working with partners to grow the social impact investment market in NSW.”
Family and Community Services Minister Pru Goward said the Newpin program is changing the lives of families with children in out-of-home care for the better.
“Newpin has a family restoration rate of 63 per cent, well above the rate for similar families that do not receive the program,” Ms Goward said.
“These are incredible results that show with the right support and assistance we can break the cycle, support families and keep children safe.”
The Newpin Social Benefit Bond funds an intensive child protection and parent education program that works therapeutically with families under stress.
The Bond is an innovative partnership between the Government, Uniting and Social Ventures Australia. It raised $7 million in private investment to deliver and expand Uniting's Newpin program.