Building a Stronger Society: Social Impact Investment – Submission in Response to the Discussion Paper

This submission to the Government of South Australia responds to its discussion paper on social impact investment, addressing the question of whether there are other potential focus areas for Social Impact Bonds. Research Australia proposes that Social Impact Bonds be used to fund pilot projects and clinical trials that implement and evaluate new evidence-based health interventions, filling a funding gap in translating research into practice. It notes that many research findings, such as improved treatment and diagnosis protocols, new uses for generic drugs and public health initiatives, cannot be commercialised, yet need real-world testing before adoption. Such trials share key features with the bond model: a fixed period, a budget set in advance, scope for government co-investment, an element of risk and measurable outcomes such as bed days and readmissions, with savings accruing to the State as the main health service provider. The submission assesses the proposal against the discussion paper’s conditions for success and offers a specific example: a pilot of targeted programs to raise bowel cancer screening among low-participation groups, building on South Australian research. Bowel cancer is Australia’s second most common cancer after non-melanoma skin cancer, with more than 14,000 people diagnosed each year, and earlier detection improves survival and lowers treatment costs.