Indigenous Financial Management
Following the success of the Cape York Family Income Management project, the Government will provide funding for additional financial literacy and money management projects to be established in other Indigenous communities.
This initiative will help to stabilise family functioning, reduce stress and conflict, and ensure better health and living standards. This includes increasing money spent on food, reducing spending on alcohol or gambling, and reducing vulnerability to exploitation.
A number of researchers have commented on the need to improve Indigenous access to, and use of, financial institutions, and the need for changes in family money management to reduce exploitation and injudicious spending, and improve health and living standards.
The Cape York Family Income Management project is demonstrating numerous social and economic benefits for participants and the wider community. Helping families cover essential living costs and save for future needs contributes to increasing motivation to train and work for higher incomes. It also contributes to building consumer capacity, helping to ensure the viability of local enterprises. Stabilising family functioning also helps to increase school attendance and achievement.
Financial literacy and better money management is essential to breaking the cycle of feast and famine experienced by many Indigenous families, and enables families to 'get ahead' rather than just 'get by'.
This measure is consistent with recommendations from several Parliamentary Inquiries.
1 July 2004.
Total Government Funding
$4.4 million over four years.