The Andrews Labor Government is developing Australia’s largest ever Social Impact Bond, forging a new path in support for young Victorians leaving care.
Treasurer Tim Pallas and Minister for Families and Children Jenny Mikakos today launched the COMPASS Social Impact Bond, which will now call for investors to fund a program helping young people transition from care to independent living.
The $14.2 million COMPASS will give care leavers two years access to housing and provide them with a worker to navigate the system, an education specialist, and other support services based on the level of their assessed need.
It targets a positive and effective transition from out-of-home care, leading to improved health and justice outcomes.
It will support more than 200 care leavers aged between 16-18 over the next five years, from across foster, kinship and residential care. The new model of support will run in Melbourne’s west, inner north and Bendigo.
Provider partners Anglicare Victoria and VincentCare will speak to investors over the next few months.
The Labor Government recently launched the Journey to Social Inclusion Social Impact Bond to provide rapid access to stable housing and intensive case management for people experiencing chronic homelessness, and harmful alcohol and other drug use.
Social Impact Bonds complement other Victorian Government programs and will not replace existing services. COMPASS will be the largest Social Impact Bond in Australia to date.
COMPASS reflects the Labor Government’s commitment to moving the system from crisis response to prevention and early intervention, and will support the key directions of the Roadmap for Reform to deliver better outcomes for young people.
For more information on Victorian social impact bonds, visit www.dtf.vic.gov.au/Victorias-Economy
Quote attributable to Treasurer Tim Pallas
“Social Impact Bonds are an innovative, but bold way of addressing serious disadvantage in our communities – we’re thinking outside the box to help our most vulnerable kids.”
Quotes attributable to Minister for Families and Children Jenny Mikakos
“We can achieve great things when governments, business, philanthropists and the not-for-profit sector work together.”
“We want to arm vulnerable kids with the skills they need to thrive and do well for the rest of their lives.”
Quote attributable to Anglicare Victoria CEO Paul McDonald
“Young people leaving care deserve every chance to fulfil their potential as adults but face so many more obstacles than most young people in the community.”