|29 July 2005
| | Economic Development
|MoneyBusiness is an initiative launched in July 2005 by the ANZ Bank and the Australian Commonwealth Government to assist Indigenous people to develop money management skills and to encourage a stronger savings culture.
The initiative, launched in Katherine, by Senator Kay Patterson, Minister for Family and Community Services (FaCS) and John McFarlane, ANZ CEO, is to be piloted in six sites in the Northern Territory and Western Australia over a period of three years. The selected pilot sites including Katherine, Nguiu (Tiwi Islands), Galiwinku (Elcho Island) and Tennant Creek in the Northern Territory and Geraldton in Western Australia, are expected to be operating by March 2006.
|The program is designed to bring together the financial expertise of the ANZ Bank, and the remote service delivery skills of FaCS and community partners such as Mission Australia who is to deliver the program in Katherine.
The program will consist of an adapted form of the ANZ's present 'MoneyMinded' adult educational program and the introduction of the 'SaverPlus' matched savings program intended to reach up to 300 Indigenous families. The ANZ will contribute over (AUD) 1 million dollars to the initiative in addition to the Federal Government's 4.4 million.
Working in partnership, the ANZ and FaCS will:
- Develop an Indigenous money management training package and train local Indigenous people in the delivery of the program across the six sites;
- Offer the SaverPlus program in the six sites commencing in April 2006;
- Work with other Federal Government programs as well as the private sector to cultivate Indigenous money management skills around Australia; and
- Undertake research regarding the outcomes of the project.
The MoneyBusiness project forms a part of the ANZ's financial literacy and financial inclusion programs. The Bank's research into financial exclusion issues has demonstrated that Indigenous people are particularly disadvantaged in terms of access to financial products and services. The ANZ therefore works separately with Indigenous credit unions to develop microfinance programs which include funding, financial literary education, mentoring and support to assist in the development of Indigenous businesses.
The key outcomes of the MoneyBusiness project are:
- Operation in the six remote sites by March 2006;
- SaverPlus to reach up to 300 Indigenous families participating in MoneyBusiness;
- A national strategy for the delivery of the MoneyBusiness financial literacy program to be developed by May 2006.
FaCS intends that the project will 'help to build self reliance, improve living standards and strengthen families and communities'. (Senator Patterson, 29 June 2005). The project is also supported by Mr Robert Lee, CEO of the Jawoyn Association in Katherine who has commented that the program is about empowerment and 'giving people the knowledge and skills so that they can make better money management decisions.' (Mr Robert Lee, CEO Jawoyn Association, 29 July 2005).