COMPASS – Australia’s Largest Social Impact Bond
COMPASS is funded by one of Victoria’s first social impact bonds, an innovative partnership between Anglicare Victoria, VincentCare, the Victorian Government and private investors. It is designed to deliver better outcomes for care leavers and pass on savings to investors in the program.
Key achievements 2019-2020
- 87 young people are currently participating in COMPASS
- 56 participants are are engaging with community and health services
- 35 participants are participants are completing education and training
- 17 participants have found employment
- 10 participants are engaged in both education and employment
- 53 per cent live in other accommodation including foster and kinship care
- 20 properties were leased by COMPASS and six owned
Better Outcomes for Young People Leaving Care
The COMPASS Program supports young people leaving Out of Home Care to set a positive direction at this critical time of change. It’s a simple fact that young people leaving Out of Home Care have a much tougher time transitioning to adulthood than their peers. Left without support, young care leavers can struggle to find housing, work, and adjust to life on their own. As a result, they are less likely to complete Year 12, undertake further education or get a job. They are more likely to have poorer outcomes than other people of the same age.
Supporting Young Care Leavers
Over a two year period, COMPASS supports young people to successfully transition from Out of Home Care and sets them on a positive path to independence where they can fulfil their potential.
The young people have the support of a Key Worker and specialised services. The program provides different levels of housing according to need. Some young people will continue to live with their foster or kinship carers, while others will require COMPASS housing.
As well as housing, COMPASS provides:
- A key worker that will help the client identify their needs and aspirations and assist with developing the skills required for independent living.
- Referrals and linkage to community support services
- Opportunities for training, education and employment
Success of the COMPASS program will be demonstrated through improved outcomes across three domains: housing, health and justice.