fbpx
Skip to main content
New Financial Assistance Hub

Banks ready to play their part in strengthening financial counselling

3 October 2019

Banks welcome today’s release of the Sylvan Review, which charts a path forward to strengthen Australia’s financial counselling sector.

The Review highlights the importance of financial counsellors in helping Australians who are struggling to repay their debts, manage their household budgets and provide for their families in a difficult environment.   

Banks actively participated in the review and are pleased to see the Report has reinforced a number of important issues identified by banks in their submission such as better coordination of resources across the sector, a central body to allocate funding and long-term funding certainty for financial counselling, including a long term, data driven funding model.

CEO of the Australian Banking Association Anna Bligh said that financial counsellors were important to Australians and the banking industry who see them as valuable partners in helping vulnerable customers.

 “Financial counsellors get people back on track when they’re experiencing some of the most difficult moments in their lives and provide a valuable education service to people with lower levels of financial literacy and capability,” Ms Bligh said.

“This review charts an important path forward to strengthen Australia’s financial counselling sector.

“Certainty of funding for financial counsellors is a top priority and the industry will work with the government to finalise a model as quickly as possible to appropriately fund the sector.

“As outlined in their submission to this review, banks support industry funding sourced from both the financial sector and other industries that may contribute to financial hardship,” she said.   

ENDS

Contact: Rory Grant 0475 741 007

Latest news

1 / 3
Transcript
Anna Bligh interviewed by ABC RN’s Hamish McDonald on branches and changing customer trends
21 September 2023

Hamish MacDonald: A Senate inquiry is examining a wave of bank closures that have hit regional Australia particularly hard. More than 1600 bank branches have closed nationally in the past six years, including 309 in the last financial year. Like post offices and milk bars, bank branches form part of the architecture of regional communities… Read more »

Read more
ABA News
Online gambling credit card ban one step closer 
14 September 2023

New laws banning the use of credit cards for online gambling are one step closer with the introduction of the Federal Government’s Interactive Gambling Act 2001 Bill to Parliament.  The Australian Banking Association (ABA) has welcomed this milestone saying the new laws will make it illegal for an online gambling company to accept a credit… Read more »

Read more
ABA News
New identity verification safeguards a step in the right direction  
14 September 2023

The Australian Banking Association (ABA) has welcomed the introduction of new legislation to boost the security of identity verification services.

Read more