NAB finances social impact investment to reduce parolee reoffending
NAB today announced it will help finance the third social impact investment issued by the NSW Government – a program to help deliver Australia’s first social benefit transaction aimed at reducing reoffending by parolees and their subsequent re-incarceration.
The goal of the program, called On TRACC (Transition Reintegration and Community Connection Service), is to reduce the cost of incarceration and increase community safety, by reducing rates of re-offending among parolees. The service is designed to enhance current levels of support by providing intensive, individual support to parolees, particularly in their first 16 weeks of parole.
The program will be jointly delivered by Australian Community Support Organisation (ACSO), arbias and the NSW government and will be jointly financed by ACSO and NAB.
James Waddell, NAB Director Capital Financing Solutions, said the program takes a new approach to addressing persistent challenges in the justice system through a unique partnership between Government, not for profit and corporate sectors.
“The intended outcome is to reduce the cost to society and government by reducing the number of inmates in the prison system and ensure that parolees are given the best chance of being reintegrated into society.
“NAB’s role in financing this program demonstrates our commitment to providing innovative financing solutions that will deliver better societal outcomes for all Australians,” he said.
Social Innovation at NAB
Impact investment is a developing global market, creating opportunities for investors seeking to address social or environmental challenges and generate a financial return. NAB believes impact investment plays an integral role in building a strong economy and delivers innovative financial solutions for current and prospective customers to demonstrate the potential ways impact investment can be used to address long-standing societal issues. NAB is the founding partner of Impact Investing Australia and has committed $1.5 million to support mission-led organisations in delivering finance solutions to scale their impact.
Established in 1982, ACSO is a not for profit organisation that provides community support services and forensic services and programs for people who are transitioning from prison back into the community. In addition, they also support people with complex and multiple issues who are either in or are at risk of entering the criminal justice system.
ACSO’s evidence based service delivery model for high risk and serious, complex offenders is comprehensive and has been developed over the past 30 years. The service model includes bringing forensic expertise, commercial and governance certainty and a proven ‘track record’ of working in genuine partnership with Corrections authorities.
arbias was established in 1990 and is a not for profit national organisation providing specialist services for people with acquired brain injury and high complex needs.