The Financial Management Program is funded by the Australian Government and provides services that are:
- voluntary
- free
- confidential and
- available to people who are experiencing personal financial difficulties.
Program services include:
- emergency relief
provides support to address immediate needs in times of crisis, Assistance often includes food and clothing parcels, transport, chemist vouchers, help with accommodation.
- financial counselling
helps people in financial difficulty to address their financial problems and make informed choices. Services include advice and information, advocacy and referral.
- money management information and education
currently operating in remote communities, providing one on one or small group education and information over the phone or face to face. Facilitates access to financial counsellors for help with complex issues.
- information about saving for retirement
through the National Information Centre on Retirement Investments (NICRI) provides the public with free information on planning and saving for retirement.
- research into problem gambling and its impacts
The Commonwealth Government works closely with state and territory governments through the Ministerial Council on Gambling to develop a national approach to tackling problem gambling in Australia, including funding for a national gambling research program.
The program contributes to improved outcomes for vulnerable people, families and communities by:
- fostering the improved use and management of money
- helping people address immediate needs in times of financial crisis.
Increased funding
In response to the increased need for financial management support services the government increased funding for the Financial Management Program from $50 million at the start of 2008-09 to $105 million in 2009-10. This includes doubling of emergency relief funding, with an extra $80.4 million from 1 March 2009 - 30 June 2011 and providing $50 million over two years from 1 July 2009 for a new innovative projects measure including matched savings and no interest loans
This additional funding combines to form a new approach that will help Australians deal with immediate crisis, as well as provide services to help them build financial capability and resilience.
Partnership approach
The Financial Management Program has a strong partnership approach with:
- the community sector to support Australians vulnerable to financial stress and crisis
- other Commonwealth agencies to coordinate support and provide a holistic response, and
- state and territory governments.
The partnership approach will build on and expand the existing relationships between service providers and government so we can reduce red tape, increase service flexibility and better meet the needs of Australians vulnerable to financial stress and crisis.
Information for service providers
The program will continue to fund existing service providers subject to satisfactory performance and ongoing need. The Financial Management Program Guidelines provides more information. Service providers can seek additional information from their State and Territory program managers.
From 2009 -10 most service providers will be offered two year funding agreements for the Financial Management Program services they deliver. If they receive funding for more than one financial management service type, we plan to offer them a single funding agreement. For many organisations this will provide greater certainty of funding and reduce administrative burden. Services may also be extended to additional locations.
Further Information
On 2 April 2009, The Hon Jenny Macklin MP announced how the Government is building financial inclusion and resilience through its new Financial Management Program in response to the global financial crisis.
The Australian Government understands that people are under increased financial pressure from the global financial crisis in terms of mortgage stress, credit card debt and increased costs of living pressures - often as a result of unemployment, sickness or family breakdown.
The Department of Families, Housing, Community Services and Indigenous Affairs (FaHCSIA) is responsible for the implementation and ongoing management of the Financial Management Program.
The Department will work in partnership with the community sector over the next two years to implement the additional funding and Program improvements.
Related Links