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Financial services sector unites around reconciliation agenda

26 February 2008 - media release - In an industry where competition rules, Australia’s four big banks along with credit unions and building societies are working side by side to make their own unique contribution to reconciliation.

Two weeks after the historic national apology to members of the stolen generations, the financial services industry is releasing a groundbreaking report on providing better financial services and education to Indigenous Australians. Banking for the Future is the first-stage outcome of an ongoing project chaired by Reconciliation Australia and the First Nations Foundation, and supported by the Australian Government. The project brings together Australia’s major banks, the Australian Bankers Association, the Traditional Credit Union and Abacus, as well as telecommunications providers, community and consumer organisations, and government agencies.

Launched today by the Minister for Families, Community Services, Housing and Indigenous Affairs, Jenny Macklin, Banking for the Future identifies obstacles faced by Indigenous people in achieving their financial goals, and canvasses options on how industry, government and the community can work together to support them.

Paul Briggs, chairman of First Nations Foundation said the FNF is heartened by the collaboration of the financial services sector in pursuing real change in the relationship with Indigenous Australians. “This project has paved the way for organisations such as the First Nations

Foundation to make real progress in the delivery of financial literacy services to Indigenous Australians. Our My Moola program is offering practical skills to indigenous consumers that allows them to engage with the banking and insurance industries on their own terms.”

Reconciliation Australia’s chief executive Barbara Livesey said that in committing to the project, the financial services industry had recognised and accepted its particular role in closing the life expectancy gap between Indigenous and nonIndigenous children. “Reconciliation and closing the gap involves getting better results in many different areas including health, education, economic development etc,” said Ms Livesey. “Banking for the Future provides important new perspectives on the needs of Indigenous people and ways industry can better meet those needs.

“The greatest achievement of this project has been the relationships that have been built between the industry and Indigenous organisations and people, and also within the industry itself. People have put natural competitiveness to one side and joined forces to get the best outcome for all. This is a mark of real leadership and Reconciliation Australia congratulates the financial services industry for putting itself front and centre in the national effort towards closing the gap.”

To download a copy of Banking for the Future, go to http://www.reconciliation.org.au/downloads/622/NIMMA_background.pdf

Source: Reconciliation Australia

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