Social impact investment is an emerging approach to tackling social challenges that brings together capital and expertise from across the public, private and not-for-profit sectors.
In 2013, the NSW Government pioneered Australia’s first two social benefit bonds, seeking to deliver better services and results for families at risk. One with UnitingCare Burnside for the Newpin SBB and another, for The Benevolent Society SBB, that was developed with a consortium of The Benevolent Society, Westpac and Commonwealth Bank.
Building on the successful launch of the initial bonds, the NSW Government is committed to finding other opportunities to use social impact investment to deliver better services and results.
The NSW Office of Social Impact Investment (OSII) is a joint initiative of the NSW Treasury and the NSW Department of Premier and Cabinet (DPC). It was established as one of the initiatives by the NSW Government to facilitate growth in the social impact investment market.
The OSII oversees and leads the implementation of the NSW Social Impact Investment Policy, working closely with other government agencies and non-government stakeholders. Key elements of this work include developing new social impact investment transactions and helping to build the capability and capacity of agencies and others to participate in the social impact investment market.
The OSII is the central point of contact for organisations that want to work with the NSW Government on social impact investment.
The OSII has established a Knowledge Hub to provide stakeholders with useful information on social impact investment, with a focus on what is happening in Australia.
For further information on the NSW Office of Social Impact Investment and its Knowledge Hub (including the NSW Social Impact Investment Policy), visit http://www.dpc.nsw.gov.au/sii.