News from New South Wales, Australia as they deploy innovative methods to help reduce youth unemployment.
NSW Announces $10M Impact Investment for Youth Unemployment
Ellie Cooper – Pro Bono Australia
The New South Wales Government has allocated $10 million in its 2016/17 budget for a social impact investment targeting areas of the state with high youth unemployment.
NSW Treasurer Gladys Berejiklian said using innovative methods to achieve better outcomes for young people struggling to find work was a priority.
“Social benefit bonds are an innovative way to bring together the resources and expertise of private investors, Not for Profit organisations and government to tackle important social issues,” Berejiklian said.
“Youth unemployment is an area in which the NSW Government believes social impact investment has the potential to achieve positive and measurable outcomes.”
The NSW Government’s Office of Social Impact Investment said it would hold a market sounding event to discuss the opportunities and gain insight into the sorts of projects that could be pursued.
The feedback received will then be used to help inform how government proceeds with the development of the investment.