Social investment bonds an innovative way to assist vulnerable Victorians
The Victorian Government has initiated a number of social investment
bonds as an innovative way of assisting vulnerable Victorians. Members
and friends gathered in East Melbourne on 3 April to listen to Teresa Fels, Director of Social Policy
in the Victorian Department of Treasury and Finance, and Catherine Harris, General Manager, Business Development, at Sacred Heart Mission,
outline some of the features of social investing by Government and the application of that to innovative programs.
Ms Fels identified several features of effective 'partnerships affective disadvantage', as this work in labelled:
Defined client group: Cohorts need to be defined and identifiable, with the
issues that they face clearly articulated and understood.
Measurable outcomes: Outcomes need to be measurable in the short to medium
term as a means for triggering payment. Outcomes should be measured in relation
to a counterfactual.
Value for money : Interventions need to reduce long-term costs to
government compared to the continuation of its core business and service
Innovative, but with evidence of
efficacy: The intervention must be supported by evidence that
there is a high likelihood of measurable benefits to participants.
Fair sharing of risk and return: It is important that proposals clearly set out the
financial risk-return profile for participants. Click
here for the presentation by Teresa Fels, and here
for an account of how the next phase of Sacred Heart Mission's Journey to Social Inclusion program is financed through social impact investing.