In an Australian first, social impact investment will be used to target parolees with the aim of reducing the rate of reoffending and re-incarceration.
Treasurer Gladys Berejiklian and Minister for Corrections David Elliott today announced that the NSW Government will partner with not-for-profit groups Australian Community Support Organisation (ACSO) and arbias, supported by a joint investment from National Australia Bank (NAB) and ACSO.
“NSW is leading the way when it comes to Social Impact Investment – and it allows us to address serious challenges facing our community while harnessing the expertise of the not-for-profit sector as well as financial support from private investors,” Ms Berejiklian said.
The investment will support a new program, On Tracc (Transition Reintegration and Community Connection), which will work with up to 3,900 parolees over five years to prevent reoffending and re-incarceration.
On Tracc will provide parolees with intensive individual support to assist their successful reintegration into the community, particularly in their first 16 weeks of parole.
“This program will support the Government’s commitment to reduce reoffending by five per cent by 2019,” Mr Elliott said.
“Rehabilitation services must continue once an offender is released, to ensure they do not return to prison. This program is designed to help parolees to reintegrate into the community and improve community safety.”
Government payments and returns to investors in this innovative social investment will be dependent on the outcomes achieved by On Tracc.
This will be the third social impact investment in NSW, following the Newpin Social Benefit Bond (SBB) and The Benevolent Society SBB implemented in 2013.