Anglicare Victoria and VincentCare, in partnership with Koda Capital, KPMG, Commonwealth Bank and FORM Investment have been selected to work with the Victorian Government on Victoria’s first ever Social Impact Bond (SIB.)
The consortium brings its years of expertise of working with the most marginalised in our community together in Victoria’s first Social Impact Bond. It will demonstrate innovation in how Victoria delivers services for young people leaving the state care system and improve the poor outcomes that many young people leaving care experience. The model has been designed to deliver future savings for Government.
It is an evidence-based, two year program to transition young people from leaving care to adulthood and designed to improve outcomes for care leavers.
Over five years of the SIB program, it is expected that direct savings will be made for the government in avoided costs for homelessness services, criminal justice system interventions, health system, alcohol and other drug services, and child protection for this target group.
Quotes attributable to Anglicare Victoria CEO Paul McDonald:
“This is a very exciting new development for our State in bringing private investors, Government and community services together in an innovative new way of delivering services for young people who need it most. I look forward to working with Government in these tough social issues with innovative solutions.”
“Based on the research evidence, we expect this program to change the life trajectory of many care leavers for the better.”
Quotes attributable to VincentCare CEO John Blewonski:
“We look forward to working with our partners in the delivery of Victoria’s first Social Investment Bond which will support sustainable pathways for young people leaving care, responding to the significant unmet needs of some of Victoria’s most vulnerable”.
“The provision of safe and secure housing through our model will ensure that the young people involved in the program will have every opportunity to develop independent living skills to reach their full potential”.
Anglicare Victoria CEO Paul McDonald is available for interviews.
Further enquiries contact: Media and Communications. media@anglicarevic.org.au Tel: 0419 035 117
