Queensland Government goes to market with Social Benefit Bonds pilot

The Palaszczuk Government is seeking expressions of interest from non-government organisations and investors under its new Social Benefit Bonds scheme to tap ideas for delivering new and innovative community services.

“The Palaszczuk Government’s first State Budget last year outlined plans for three pilot programs under our Social Benefit Bonds scheme where the government will partner with service providers and investors to tackle homelessness, reoffending, and issues affecting Aboriginal and Torres Islander people,” Treasurer Curtis Pitt said.

“Since the Budget we have been taking extensive market soundings to asses the depth of interest and today I can announce the launch of the procurement phase of the scheme, with expressions of interest to be lodged by 24 March.

“For Queensland, this is a new way of tackling areas of longstanding concern. It is especially timely because over the next decade demand for acute and crisis services will increase as our population grows.

“That means some of Queensland’s most vulnerable individuals and communities could be at greater risk without innovative ways to tackle problems and drive taxpayer dollars further.

“Social Benefit Bonds are designed to tackle complex social challenges with new funding that complements but does not compete with grants for existing social services.

“We are interested in partnership proposals that focus on reducing rates of reoffending in young people at risk of being held on short-term remand as well as women exiting the adult custodial correctional system.

“In the area of homelessness, our priority target groups are families with young children and young people exiting statutory care.

“We are also interested in opportunities to target challenges facing Aboriginal and Torres Strait Islander children and young people in out-of-home care, as well as those at risk of chronic disease.”

Mr Pitt said the positive responses and enthusiasm shown by the market soundings were very encouraging.

“We expect to see this reflected in the responses to this invitation for expressions of interest issued today,” he said.

“The 2015 State Budget contained new funds for new services and we are positive Social Benefit Bonds will encourage innovation and collaboration in service delivery for those who need it most.

“It is not just those who will be helped through innovative programs that will gain a benefit.

“Our entire community will benefit by making sure problems are addressed in a cost-effective way and our fellow Queenslanders now at risk can be assisted and offered the security they need to lead productive lives and to make their contribution to Queensland’s future,” Mr Pitt said.

Expression of interest close on 24 March. For documentation visit the Queensland Government’s QTender website: https://www.hpw.qld.gov.au/qtenders/

For further information about Social Benefit Bonds: www.treasury.qld.gov.au/SBB

Media contact: 0447 316 432