The Andrews Labor Government is developing Australia’s largest ever Social Impact Bond, forging a new path in support for young Victorians leaving care.
Treasurer Tim Pallas and Minister for Families and Children Jenny Mikakos today launched the COMPASS Social Impact Bond, which will now call for investors to fund a program helping young people transition from care to independent living.
The $14.2 million COMPASS will give care leavers two years access to housing and provide them with a worker to navigate the system, an education specialist, and other support services based on the level of their assessed need.
It targets a positive and effective transition from out-of-home care, leading to improved health and justice outcomes.
It will support more than 200 care leavers aged between 16-18 over the next five years, from across foster, kinship and residential care. The new model of support will run in Melbourne’s west, inner north and Bendigo.
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