The contract signing for Queensland's first social benefit bond (SBB), which aims to reduce the number of Aboriginal and Torres Islander children in out-of-home care, was announced on 31 March by the Queensland Government.

UnitingCare Queensland will deliver the service and is working with Social Ventures Australia to raise private capital through the issue of the SBB to fund the establishment of the New Parent Information Network (Newpin) Queensland program in three locations across the state.

The Newpin program provides an intensive therapeutic support service, and is designed to safely return children to their families following a placement in out-of-home care.

UnitingCare Queensland has entered into an outcomes-focused agreement with Queensland Treasury, with a payment structure based on an increase in the number of children successfully reunified with their families.

MinterEllison acted as legal advisor to long-standing client UnitingCare Queensland with a team led by partner John Elias, supported Gillian Brown (Legal Consultant), Kathryn Finlayson (Special Counsel) and Penny Robinson (Lawyer).

On this particular assignment, MinterEllison worked with UnitingCare Queensland through the request for proposals phase of the SBB pilot program and subsequently advised on negotiation of the Implementation Agreement during the joint development phase.

“This is Queensland's first social benefit bond, and represents a new and collaborative approach to solving a complex community issue, while achieving a return for investors and cost savings for tax payers when agreed outcomes are achieved,” lead partner John Elias said. “Signing the Queensland Newpin Implementation Agreement is a significant and positive milestone, particularly in light of the increased focus on growing the social impact investment market in Australia."