News

The Consumer Action Law Centre has today released a groundbreaking report titled Money Yarns, Stronger Futures. The report amplifies the voices of First Nations people, sharing their personal experiences to shed light on the significant challenges they face in achieving financial prosperity.

Money Yarns, Stronger Futures not only highlights these challenges but also offers bold recommendations for both government and industry. These recommendations aim to break the persistent cycles of unmet needs and pave the way for the financial prosperity of First Nations consumers.

In addition to these external recommendations, the report outlines proposed actions for the Consumer Action Law Centre itself, emphasizing a comprehensive approach to supporting financial wellbeing in First Nations communities

Consumer Action First Nations Policy Officer, Shelley Hartle, who interviewed nine First Nations people for the report, said she also conducted a deep dive into the consumer experiences of First Nations people across Victoria through analysis of the frontline work of Consumer Action and the Victorian Aboriginal Legal Service. Both organisations provide crucial civil legal and financial advice and support to First Nations Victorians.

“The First Nations people I spoke with have a deep understanding of the ways systems are stacked against them, and the challenges of surviving and thriving in what is an uneven playing field from the very start,” Ms Hartle said.

“I have spoken to many people in community about historical and intergenerational exclusion from the financial system that continues to this day, and navigating a world that was never designed for them to succeed. This report shines a light on their experiences and suggests new ways forward.”

Among the many recommendations is the overarching need for a national impact framework which oversees and facilitates the coordination of all reform designed to address the financial prosperity of Australia’s First Nations people; a call to make Centrepay a safe platform, and for a better understanding First Nations peoples’ experiences of Buy Now Pay Later products and the harms they inflict.

“I want the Australian Security and Investments Commission (ASIC) to investigate how these products are used by and marketed to First Nations people in Victoria, to mitigate any unintended impacts of the much-needed new regulations,” Ms Hartle said.

Another recommendation is a call for an independent public inquiry into the Australian pawnbroking industry to examine and assess the current size, operation, business models, conduct and the harms it is causing to First Nations consumers.

A full list of the recommendations can be found here in the report.

ENDS

Media contact: Mark Pearce, Media and Communications Adviser, 0413 299 567, media@consumeraction.org.au