The ABA and member banks have been working closely with Indigenous Australians to improve money management, financial literacy skills and business enterprise within Indigenous communities.
The ABA has been advocating greater accessibility for Indigenous Australians through a number of government, business and community partnerships.
The ABA and member banks participate in the “Indigenous Financial Services Network”. This initiative is part of Reconciliation Australia’s “National Indigenous Money Management Agenda”.
Indigenous Statement of Commitment
The ABA’s Indigenous Statement of Commitment which was published on May 27 2007, to coincide with the 40th anniversary of the 1967 referendum that acknowledged Aboriginal and Torres Strait Islander people as Australian citizens, by including them in the national census of the Australian population.
The Indigenous Statement of Commitment outlines how retail banking industry may make a difference for Indigenous Australians and their communities.
The ABA and its retail member banks recognise that many Indigenous Australians face significant social, economic and financial disadvantage.
The ABA has partnered with the Australian Securities and Investments Commission (ASIC) to produce a booklet “Dealing with Book Up: Key Facts”, which provides helpful information about book up practices to assist community workers ensure Indigenous Australians are not vulnerable to store owners and others taking their money.
For more information about book up, go to ASIC’s “MoneySmart” website, click here.
Financial education, financial literacy and financial inclusion
A number of banks have in place programs and activities that focus on providing financial literacy training and financial inclusion strategies to Indigenous Australians and their communities, including money management projects, matched savings programs, financial counseling partnerships, e-learning grants to Indigenous schools, Indigenous business enterprise development support, and Indigenous community worker training.
The major banks also have Indigenous employment, traineeship and scholarship programs providing opportunities for Indigenous Australians.
Click on the links for more information about banks’ Indigenous banking programs:
ANZ Banking Group
Commonwealth Bank of Australia