Indigenous Money Management
The ability to make informed decisions on the use and management of money is an increasingly important skill for all Australians. The Australian Government is committed to assisting individuals and families to maximise economic and social outcomes through engaging in a process that builds financial literacy and money management capacity.
There is a strong belief that economic independence is essential to increasing the confidence, wealth, socio-economic status and community empowerment of Indigenous people. FaHCSIA believes that better money management is essential help that many Indigenous families and individuals need to 'get ahead' rather than just 'get by'.
FaHCSIA has implemented a number of programmes aimed at overcoming the disadvantages experienced by many Indigenous people, strengthening partnerships between Indigenous and non-Indigenous businesses and providing financial assistance. Indigenous money management programmes funded by FaHCSIA include:
- MoneyBusiness
- Family Income Management (FIM)
- the money management components of the Home Ownership on Indigenous Land Measure (HOIL)
- development of a National Indigenous Money Management Agenda (NIMMA)
FaHCSIA programmes aimed at all Australians also assist Indigenous families and individuals to manage their money:
MoneyBusiness
The objective of the MoneyBusiness programme is to provide Indigenous individuals and families with the money management information and support they need to build self-reliance and improve individual, family and community well-being in a culturally sensitive and practical way.The MoneyBusiness programme is implemented in partnership with the ANZ Banking Corporation and is currently delivered in six sites: Galiwinku, Nguiu, Tennant Creek and Katherine in the Northern Territory, and Kununurra and Geraldton in Western Australia.
Family Income Management
The Family Income Management (FIM) project was designed by Indigenous people to build financial competency, improve family functioning and living standards and contribute to economic development in a culturally sensitive and practical way.FIM offices currently operate in the Cape York communities of Coen, Aurukun, Weipa, Hopevale, Mossman Gorge and Cooktown. FIM consultants arrange direct deductions from incomes to ensure that essential living expenses are covered and support planning for the future.
Home Ownership on Indigenous Land (HOIL) Measure
The objective for the Home Ownership on Indigenous Land (HOIL) measure is to to asist Indigenous Australians living on Indigenous community titled land to purchase homes by providing access to finance, assistance with purchase and financial money management information and support.The HOIL measure has three components: subsidised home loans and incentives, the building of additional houses in Indigenous communities on Indigenous land specifically for purchase, and a money management program, including matched savings grants, for these communities. FaHCSIA's Money Management and Community Programs Branch is responsible for the delivery of the money management elements.
National Indigenous Money Management Agenda (NIMMA)
The development of a NIMMA responds to the Prime Minister's request for the Prime Minister's Community Business Partnership Program to consider how the financial services sector can better engage with Indigenous communities. It also seeks to involve the financial sector in contributing towards improving the lives of Indigenous people through enhancing Indigenous people's money management skills.The project aims to:
- 1. improve financial literacy skills for Indigenous people;
2. improve access to face to face banking services for remote customers;
3. ensure development of, and access to, appropriate money management products for Indigenous people;
4. ensure a strong commitment from relevant agencies and organisations to commit to and progress these objectives.