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RETAIL BANKING INDUSTRY SUPPORTS INDIGENOUS
STATEMENT OF COMMITMENT
Sydney, 27 May, 2007: The retail banking sector is supporting an industry Indigenous Statement of Commitment which outlines how banks may make a difference for Indigenous people and their communities.
The Australian Bankers’ Association (ABA) has released its Indigenous Statement of Commitment 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 ABA and its retail member banks recognise that many Indigenous Australians face significant social, economic and financial disadvantage.
David Bell, Chief Executive of the ABA, said: “We believe that sustained effort and enduring commitment by governments, business and community can help to improve the lives and livelihood of Indigenous people and communities.
“Our commitments look at how we can work with Indigenous Australians to assist in developing money management knowledge and skills, build capacities to deliver banking products and services to Indigenous customers and identify ways to collaborate with, and contribute to, the well-being and life opportunities of Indigenous people and communities.”
“The Statement affirms the Australian retail banking sector’s commitment to standards of good banking practice. In particular, we are committed to making sure that Indigenous Australians have access to information about products and services that suit their banking needs.”
The commitments relate to:
- Acknowledgement of Indigenous banking issues across the retail banking sector, including acting fairly and reasonably in a consistent and ethical manner and fostering relationships with Indigenous groups.
- Advocacy of Indigenous banking issues, including promoting an understanding of Indigenous culture across the retail banking sector, promoting Indigenous financial literacy, participating in relevant education initiatives and advocating regulatory reforms that seek to address unscrupulous practices which take advantage of Indigenous consumers.
- Information on banking products and services for Indigenous Australians, including facilitating information sharing and collaboration across the retail banking sector, developing information on retail banking products, services, rights and responsibilities for Indigenous Australians so better choices are made and endeavouring to ensure disclosure on products and services is effective and promotes informed decision-making by Indigenous people.
The Indigenous Statement of Commitment builds on customer service commitments in the Code of Banking Practice and existing public statements by the ABA about Indigenous banking.
The ABA and its member banks have been working with Indigenous representatives on a range of projects seeking to address access to financial services and money management skills.
ABA member banks already have programs targeted at Indigenous Australians including employment and training strategies; education, including scholarship opportunities; financial literacy programs; financial inclusion activities; and business enterprise initiatives.
The Prime Minister and the Business Council of Australia have recently encouraged businesses and government departments to develop their own Reconciliation Action Plans.
For further information:
Heather Wellard
Director, Public Relations
Phone: 02 8298 0411
Mobile: 0409 830 439
ENDS
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