Outcome of 3rd request for social impact investment proposals

Last year, the NSW Government made a Request for Social Impact Investment Proposals (RFP) in three priority areas:

  • Increasing permanency for children in out-of-home care, particularly through open adoption
  • Improving outcomes through early childhood education
  • Addressing youth unemployment.

All proponents who submitted a proposal to that RFP have been notified of the outcome. We sincerely thank all proponents for their submissions, and commitment to improving outcomes for people in NSW and growing the social impact investment market.

In the out-of-home care policy area, major reforms are taking place that will significantly change this policy landscape, which will affect any social impact investment in this space.

In the early childhood education policy area, a proponent from the last RFP round was selected to advance to the joint development phase.

In the youth unemployment category, the Government did not receive proposals that met its evaluation criteria.  The Government remains committed to youth unemployment as a priority area, and in line with its Social Impact Investment Policy, remains committed to delivering two social impact investments a year to market.

As a result, the Government will be reopening its latest RFP in mid-July 2017, and renewing its call for proposals, particularly in the priority area of youth unemployment.  Social impact investment proposals in other social policy areas that align with the Principles for Social Impact Investment Proposals are also encouraged.

Youth experience both unemployment and underemployment at a higher rate than the overall working population. According to the ABS, the NSW youth unemployment rate in September 2016 stood at 10.5 per cent, nearly twice the working-age unemployment rate of 5.6 per cent. More than 74,000 youth across NSW were unable to find jobs.

In an effort to reduce the high jobless rate among young people, we are seeking RFPs that align with the $10 million allocated in the NSW Budget 2016-17 for the purpose of reducing the unemployment rate among the State’s youth through a social impact investment.

By reopening the RFP, the Government underscores its commitment to help more vulnerable people and deliver better results for NSW through social impact investment.

An information session on the upcoming RFP and capacity building workshop will be held on 10 July 2017. We encourage proponents to register for these sessions. To allow multiple organisations to participate, we request that no more than three individuals attend from each organisation. More details about this marking briefing and information session can be found here.

 

Media inquiries:                             Vicki Tait                             9228 3481                          0447 585 583

Further information:                     Tiphanie Au                        9228 5686