Prisons…the one word central to today’s SIB news…
Australia – Door Ajar For Prison Bonds
PSnews
The potential use of Social Impact Bonds (SIB) to reduce reoffending is being studied by the Department of Corrective Services.
A report assessing the SIBs, under which private investment is raised to fund programs and a public sector Agency only pays when the program has achieved the specified results, has been completed.
However the report concluded that SIBs were not feasible at the current time due to the relatively small offender population within the State that was spread across a vast geographical area.
Commissioner, James McMahon said the report explored and considered alternative funding and financing initiatives such as SIBs to improve the efficiency of programs and deliver better results for the taxpayer.
The full report can be accessed here.