Friday 4 October 2013
AUSTRALIA’S SECOND SOCIAL BENEFIT BOND FULLY SUBSCRIBED
NSW Treasurer, Mike Baird, and Minister for Family and Community Services, Pru Goward today welcomed the news that the second Social Benefit Bond developed by the NSW Government has been fully subscribed.
The Social Benefit Bond developed with The Benevolent Society, Westpac Institutional Bank and the Commonwealth Bank has raised $10 million to fund The Benevolent Society’s Resilient Families service – aimed at preventing children from entering into out-of-home care.
This follows the success of the first Social Benefit Bond which raised $7 million in June to fund UnitingCare Burnside’s Newpin program, and aims to support the restoration of children from OOHC to their parents.
“The NSW Government is proud of the success of our latest Social Benefit Bond – the second in Australia,” said Mr Baird.
“We now have two fully subscribed bonds, which is a huge vote of confidence by the investment and social policy sectors in this innovative approach towards funding important social programs in our state.
“I congratulate The Benevolent Society, Westpac Institutional Bank and the Commonwealth Bank on the initial success of the bond, which aims to improve lives while providing long-term economic benefits to the state.
“Most important, I look forward to hearing about the success of families that have been supported as a result of this program,” Mr Baird said.
Minister Goward said The Benevolent Society’s Bond will deliver extra services for vulnerable families that will keep children safely at home and in a stable family environment.
“The focus of this bond will be on family preservation and working with the State’s most vulnerable families to address child protection concerns.
“Social investment is about government, non-government organisations, business and philanthropists working together to increase the pool of resources available to disadvantaged communities.
“The full subscription of this Bond shows the Government is not alone in wanting to achieve positive social outcomes for the vulnerable people in our communities.
“The NSW Government has a long and established relationship with The Benevolent Society – Australia’s oldest charity. The Benevolent Society will work hard with vulnerable families to deliver the real outcomes to transform people’s lives.
“The Social Benefit Bonds are a part of the NSW Government’s commitment to innovative reforms which improve outcomes for children and young people who come into contact with the child protection system,” Minister Goward said.
The Benevolent Society Social Benefit Bond will assist up to 400 families through the Resilient Families program. The program aims to address issues such as domestic violence, substance misuse, mental health, stable housing and improved family functioning and relationships, through direct and intense counselling.