In a joint statement made yesterday the Queensland Treasurer, Curtis Pitt along with Attorney-General and Minister for Justice, Yvette D’Ath announced that the Implementation Agreement had been signed by the Government and Life Without Barriers for Queensland’s second Social Benefit Bonds (SSBs) Pilot Program.
The Queensland Government is committed to reducing reoffending rates, particularly among young offenders. Up to 600 young people, 10-16 years old, who have been determined to have ‘high to very high’ risk of reoffending will be referred to the program by Youth Justice over five years.
This Multi-Systemic-Therapy program will work with the family unit to deliver improved family functioning and parenting skills, higher rates of school participation and reduce substance abuse. The service is also based on the premise that early intervention can reduce both severity and duration of future offending behaviour. The service is expected to commence late 2017 in two locations - one in North Brisbane and the second in South Brisbane.
This new service is made possible through Impact Investment and complements services already being provided by Government and the social service sector in Queensland.
Queensland Treasury’s SBBs Pilot Program is extremely grateful for all the support and cooperation provided by our partner agencies – Department of Justice and Attorney-General - Youth Justice, Corrections, Queensland Police Service – and the service provider Life Without Barriers who have worked tirelessly to produce this second SBB transaction.
Negotiations continue for the third SBB addressing Homelessness.
In other news, an important milestone has been achieved for the Newpin Queensland SBB announced in late March. Since going to market to secure investors in April, Social Ventures Australia have reached full subscription for the bond. There will more information by the end of this week on the SVA website: www.socialventures.com.au.
On the broader impact investment front the Commonwealth Budget released in May held two measures of particular note:
• $10.2M over 10 years from 2017-18 to trial the use of Social Impact Investment (SII) aimed at improving housing and welfare outcomes for young people at risk of homelessness
• $20.2M over 10 years from 2017-18 to encourage continued development of the SII market in areas other than homelessness
Further detail on the two measures can be found on page 156 of BP2: http://www.budget.gov.au/2017-18/content/bp2/download/bp2_expense.pdf and the fact sheet.
For more information on Queensland’s Social Benefit Bonds or to register for further updates go to www.treasury.qld.gov.au/sbb.