The first SBB to mature in Australia
In July 2018, the Benevolent Society’s Social Benefit Bond (SBB) was the first SBB, also called a Social Impact Bond (SIB), in Australia to mature. Under the Bond, private investors supported a pilot program, Resilient Families, an intensive family preservation service designed to divert children from entering out-of-home-care (OOHC) by improving family functioning and creating a safer environment for children.
5 years of service delivery (2013-2018)
At bond maturity, Resilient Families recorded an:
- 86% preservation rate of keeping children safety with their families
- 32% fewer entries into OOHC in comparison to the control group
- Investor returns of between 6-10.5%
We were able to deliver Resilient Families through the support of Westpac, Commonwealth Bank, Family & Community Services (NSW Government), the Office of Social Impact Investing (NSW Government), and our investors.
Resilient Families recently received an Outstanding Achievement Award in the 2019 Australian Charity Awards 2019 , recognising its outstanding practice results and the innovation undertaken in the SBB pilot.
Where to now?
We are now delivering Resilient Families through the first payment-by-results model in an Australian child protection context.
Resilient Families continues to perform strongly for families, tracking at a 93% preservation rate and reporting a 34% reduction in parental mental health concerns and a 28.9% increase in wellbeing (June, 2019).
The real impact of social impact investing
The evaluation reports for the Resilient Families SBB can be accessed from the Office of Social Impact Investing (NSW Government) website.