Social impact investment update

South Australia

The South Australian Government opened its second round of Social Impact Investments, with a focus on better outcomes for children and young people in out-of-home care, and after leaving guardianship. This follows South Australia's first social impact investment in the Aspire homelessness program delivered by The Hutt St Centre.
Interestingly, the Commonwealth Government is providing $5m as partner with the South Australian Treasury Department, as an early foray into learning and engaging in the social impact investment space.
Latitude Network is assisting with the preparation and development of an application focusing on improved outcomes from the residential care context.

New South Wales

The NSW Office of Social Impact Investment (OSII) is reviewing proposals from three organisations focusing on Indigenous employment and empowerment. Latitude Network was been supporting one Indigenous organisation through the 'co-development phase' where OSII collaborated with the social organisation to advise and develop a proposal together. The intent is to support organisations to prepare robust proposals that are more likely to meet Treasury's requirements and be successful through what can sometimes be an arduous 'Joint Development Phase' of financial and contract negotiations to conclude a social benefit (impact) bond legal agreement.

Victoria

The Victorian Treasury is a long way through negotiations with two organisations in the 'Joint Development Phase' for its next round of social impact bond investments. This round focuses on primary and secondary school aged children who have become disengaged from school and have a variety of other complexities in their lives. Latitude Network is supporting Melbourne City Mission and the Hester Hornbrook Academy in the negotiations.