May 10, 2024
Risks and rewards in social investment approach
Finance and Social Investment Minister Nicola Willis says iwi and Māori roopu working with vulnerable whānau could get funding from the new Social Investment Agency.
The agency will open on July 1 with a remit to develop the tools needed to deliver social investment and work with other agencies to apply the social investment approach to existing programmes.
It will manage a Social Investment Fund to directly commission outcomes through community, non-government-organisations and iwi providers,’
Ms Willis says government already collects data which gives it a good idea which children might be in greatest need of help.
“There is an opportunity to intervene early to break cycles of dependency and despair. Doing so will involve taking some risks. Not all interventions will prove successful. But if the Government redirects investment away from programmes that are not delivering and into programmes that are achie3ving it can materially improve the lives of some of New Zealand’s most vulnerable citizens,” she says.
Minister Willis says this month’s Budget will include $50.5 million in new funding to support the new agency, and it will also take over the existing staff and functions of the Social Wellbeing Agency which sits within the Public Service Commission.
The new Social Investment Agency is tasked with:
* Setting the standards for social investment practice to ensure there is consistency across government agencies and contracted providers.
• Advising on and facilitating the creation of the necessary data and evidence infrastructure for social investment.
• Working with other agencies to apply the social investment approach.
• Leading an ongoing review of social sector spending to measure outcomes.