More on the proposed use of SIBs in the state of Victoria, Australia.
Vic Government Sets Sights on Social Impact Bonds
Ellie Cooper – Pro Bono Australia
The Victorian Government will explore the use of social impact bonds (SIBs) to address “complex areas of social disadvantage” in the state.
The Andrews government set aside $700,000 in the 2016/17 Victorian budget to trial interventions, with the Department of Treasury and Finance and other departments finalising areas where SIBs would be most effective.
“This could be a real way to address serious social issues, while increasing Victoria’s productivity and competitiveness,” Victorian Treasurer Tim Pallas said this week.
“The Andrews Labor government is looking to explore new ways to assist some of our most disadvantaged Victorians, and help ensure our programs are making a positive impact on the Victorian community.
“As a modern Labor government, we are open to new ideas and will see whether they can be effective in Victoria, while also ensuring that the most vulnerable in our community are protected.”
The government said it was in the early stages of exploring the bonds, which bring together government, service providers and investors to deliver social outcomes.