The report concludes that there has been a significant increase in expenditures on youth justice, but it has been marked by a relatively small amount spent on prevention projects and a large amount spent on custody. Regarding the impact of reforms on youth crime, this has been less impressive than many have expected, following a wide-ranging program of youth justice reform and substantial investment. Regarding efforts to reduce first-time entrants into the formal youth justice system, the reduction in time from arrest to sentence, reduction in the number of youth sentenced to custody, and targets set for reducing reoffending, the only success has been in meeting the targets on reducing the time from arrest to sentence and processing cases through the youth court. Regarding accommodation, education, training, employment, and services for substance abuse and mental health, the overall picture is of a youth justice system that was designed with the best intentions of providing effective multiagency services, but has in practice struggled to meet the needs of at-risk children and youth who require carefully coordinated specialist support and services tailored to their needs. YOTs are not apparently able to deliver the services needed by these youth. This raises questions about the cost-effectiveness of the current investment in youth justice. Policymakers should consider whether more of these resources should be invested in social support agencies outside the criminal justice arena. 11 tables, 20 figures, and 29 references