Update on social impact bonds in Australia

The New South Wales government in Australia has made some progress with its social impact bond program. NSW started looking at SIBs about a year ago. Here are some details on their work so far.

SIB 1: Foster Care

Size: $10 million

Population: 550 families

Duration: 5 years

Target outcome: Number of days that children spend in foster care

Government: NSW, Australia

Nonprofits: Benevolent Society

Investors: Westpac Corporation and the Commonwealth Bank of Australia

Intermediary: Mission Australia and Social Finance (different organization from Social Finance UK)

SIB 2: Foster Care

Size: $10 million

Population: Unknown number of children up to 5 years old and their parents

Duration: 7 years

Target outcome: Number of days that children spend in foster care

Government: NSW, Australia

Nonprofits: UnitingCare Burnside

Investors: Westpac Corporation and the Commonwealth Bank of Australia

Intermediary: Mission Australia and Social Finance (different organization from Social Finance UK)

SIB 3: Youth Recidivism

Size: $7 million

Population: 500 young adult repeat offenders

Duration: 6 years

Target outcome: Unknown 

Government: NSW, Australia

Nonprofits: Unknown

Investors: Unknown

Intermediary: Mission Australia and Social Finance (different organization from Social Finance UK)

Sources:

http://afr.com/p/national/westpac_cba_embrace_social_bonds_myi01zs3Mzr2EVCbfTJrkM#

http://www.csi.edu.au/news/Successful_bids_for_Social_Impact_Bonds_in_NSW_announced175.aspx